One Person Company

Concept of One Person Company (OPC):

ONE PERSON COMPANY is another form of corporate entity in which single person ownership exists. It is the hybrid form of the Sole Proprietorship and the Private Limited Company. In other words, this type of entity contains the characteristics of both Sole Proprietorship firm and Private Limited Company. This entity also has the status of Separate Legal Entity and can perform the same functions as the Private Company performs subject to certain restrictions.

For the registration of One Person Company, only one member is required along with the details one nominee (who will be the member in the event of death of the original member of the company) and atleast one director is required. Under this roof, owner enjoys all the privileges of private limited company.

SUITABILITY:

To any type of small and medium sized business who wants:-

  1. to carry out its business operations through separate legal entity;
  2. with less initial investment;;
  3. holding ownership of the company only in one hand;
  4. do not wants to involve various other persons in the company; and
  5. can appoint working management on their behalf;

Documents Required:

  1. Director Documents (PAN, Address proof, 6 photos)
  2. Nature of Business in writing
  3. Six proposed Names
  4. Office address proof
  5. Rent agreement and NOC, if property is rented

Distinctive Features:-

  • No Minimum limit of Capital Contribution
  • Enabling owner to work under Registered Legal Entity;
  • Limited Liability of its Members
  • Easy to raise Funds
  • Can own the Property and Contracts in its name
  • Can have distinctive Ownership and Management
  • Can sue and be sued in its own name;

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