One Person Company
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One Person Company comes with various benefits like limited liability, easy to form, continuous existence, and greater credibility. Obtaining OPC registration is a process as it only requires the abidance of a few requirements.
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GNGP Chartered Accountants is an online business compliance platform that helps entrepreneurs and other individuals with various, registrations, tax filings, and other legal matters.
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Introduction
What is One Person Company?
One Person Company Registration can effortlessly be attained under the victuals of the Companies Act, 2013. One Person Company comes with colorful benefits like limited liability, easy to form, nonstop actuality, lesser credibility. carrying OPC enrollment is any process as it only requires the abidance of many conditions.
One Person Company point is similar that it has only one shareholder who owns 100 stake of the company. To maintain the character of infinity, the appointment of the designee is mandatory, who’ll take the place of the proprietor in case of death or his incapability. One- person company is a type of Private Limited Company.
Benefits
Benefits of One Person Company Registration
Separation of Management and Ownership
Indeed if the OPC is possessed by sole labor force, the proprietor may appoint a director owing up to the responsibility to operate and run a company. The functional duties are assigned to the director( s) whereas the member would be suitable to cost gains channelizing sweats towards other businesses. still, in One Person Company, the shareholder holds complete control over being a stakeholder.
Limited Liability of Owners
One of the benefits of registering OPC falsehoods in the separate legal reality of the company where the liability and scores aren't charged over the particular means of the sole member. The liability of a member is limited to the overdue quantum of the capital subscribed by the member.
Separate Legal Existence
A One Person Company would gain the status of a separate legal entity. so OPC enrollment ensures that the entity is separate from the proprietor, unlike a procurement establishment. OPC can enjoy the means in its own name and enter into a contract with the parties. The conduct of the company are independent of the proprietor.
Lower Compliance Requirements
A Single Person Company is served with an impunity to numerous obediences unlike a private company. obediences like holding General and Board Meeting,etc. aren't applicable to OPC. still, Board Meeting must be held if further than one director is on Board.
Process
One Person Company Registration In Easy Steps
One Person Company Name Format and Formulation
Unique Name
One Person Company name should be unique as it forms the company brand, rather a chased word.
Business Object
The OPC name format shall have the alternate part of name suggesting the business exertion of the company.
Constitution Type
Name of the company must end with “(OPC) Private Limited” as a suffix.
Document Checklist
Documents required to Registration
Business Address Proof
Latest Electricity Bill/ Telephone Bill of the registered office address
PAN Card
PAN Card of shareholder, nominee, and Directors.
Photograph
Latest Passport size photograph of Shareholder, Nominee and Directors
Director’s Address Proof
Latest Telephone Bill /Electricity Bill/ Bank Account Statement of Shareholder, Nominee, and Directors.
Rent Agreement
Rent Agreement of the registered office should be provided, if any
NOC from owner
No Objection Certificate to be obtained from the owner(s) of registered office
