Solubilis provide One Person Company registration services in Chennai, Bangalore, Hyderabad, Cochin and anywhere in India. Can a Proprietor form an organization with limited liability and perpetual succession options? The companies Act, 2013 has given an affirmative answer to this question. Yes, now an individual can form a one person Company under the companies Act, 2013. This is a new form of organization brought into existence by Indian companies Act, 2013. Though, Such entities are prevalent in other countries like Singapore, Japan etc. According to section 2 (62) of the Indian Companies Act, 2013, one Person Company shall mean a company which has only one person as a member. An extensive rules and regulations were framed for forming and managing the One Person Company under Companies Act, 2013. Since One Person Company offers lots of advantages to the owner shareholder. This also comes with overriding restrictions on the capital, Turnover and so on. However, one person company has perpetual successions.
To Maintain this One Person company, the share capital limitation of fifty lakh rupees and not exceed more than two core rupees in the business undertaking. Suppose, is it occurred, it shall be required to modify it to a private or Public Limited Company within the time period of six months. An OPC has certain opportunities and advantages which are not available to private companies. The provisions related meetings like, General Meetings, Extra Ordinary General Meeting and Notice Convening to General Meeting are not relevant for One Person Company. But the OPC will offer all benefits to its businessman as similar to the private limited company. It can access credits, bank loans, limited liability, legal protection for business, get into market etc. But all must be done with a single registration. An individual can start only one company underthe name of the OPC.
The sole proprietors who wish to avail liberal financial facilities of the financial institutions and having limited capital and turn over shall opt for OPC instead of sole proprietorships. It is a less legal process oriented business entity which will protect the promoter from the unlimited liability.
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