One Person Company
The concept of One Person Company registration was introduced not so long ago by the Ministry of Corporate Affairs. This business model was introduced with an objective to give a strong business model option to single entrepreneurs. Earlier for incorporating a company at minimum two members and directors are required. To give young, single and enthusiastic entrepreneurs an option to venture into the corporate world concept of One Person Company Registration in India was introduced. The idea of one man or woman business enterprise (OPC) in India changed into delivered to provide a boost to entrepreneurs who have remarkable capability to begin their own challenge by means of letting them create a unmarried person business enterprise. Due to the fact that, no intervention from any third party is seen, it makes it extra beneficial. So, in case you need to start up your own enterprise, you ought not to worry about all the complex and tedious approaches.
What is the Basic Concept Behind the One Person Company Registration in India?
The concept of 1 person employer in India become delivered through the organizations Act, 2013 to assist entrepreneurs who on their personal are successful of beginning a assignment through permitting them to create a unmarried individual financial entity. certainly one of the most important advantages of a One individual agency (OPC) is that there can be only one member in a OPC, whilst at the least individuals are required for incorporating and maintaining a non-public confined organization or a restrained legal responsibility Partnership (LLP). Just like a employer, a One man or woman enterprise is a separate felony entity from its promoter, imparting restrained legal responsibility safety to its sole shareholder, even as having continuity of business and being easy to include.
Few things to Know about One Person Company in India?
Though a One character corporation lets in a lone Entrepreneur to function a corporate entity with limited liability safety, an OPC does have a few boundaries. As an example, every one person business enterprise (OPC) has to nominate a nominee Director in the MOA and AOA of the organization - who will become the proprietor of the OPC in case the only Director is disabled. Also, a one person corporation must be converted into a personal restricted organization if it crosses an annual turnover of Rs.2 crores and must file audited monetary statements with the Ministry of company Affairs on the cease of each monetary yr like every form of businesses. Therefore, its miles vital for the Entrepreneur to cautiously recall the capabilities of a one man or woman company prior to incorporation. Author is an expert of One Person Company Registration in India, click here for more interesting information