Company Law : Understand the requirements of Annual General Meeting (AGM) for One Person Companies (OPCs) in India under the Companies Act, 2013...
Company Law : Discover the benefits of OPC registration in India and learn the step-by-step process. Limited liability, perpetual existence, and...
Company Law : A sole proprietorship can be defined as a business run by a single person. A One-Person Company (OPC) can be described as a busine...
Company Law : Explore the distinctions between sole proprietorship and One Person Company (OPC) under the Companies Act, 2013. Learn about regis...
Company Law : Discover the legal provisions and procedural intricacies of converting a Private Limited Company into a One Person Company (OPC) i...
Company Law : Learn the step-by-step procedures and find answers to frequently asked questions about incorporating and converting a One Person C...
Company Law : During the current year (from 01.01.2021 to 10.12.2021) total 9781 number of One Person Companies (OPCs) were registered under the...
Company Law : It is requested extend the timelines for annual filing of OPCs upto 31st December, 2020. This will ease the difficulties faced by ...
Income Tax : The Finance Act, 2016 introduced a tax rate of 29% of total income to (domestic) company assessees provided its total turnover or...
Company Law : One person company is a concept introduced in India by the Companies Act, 2013. The concept opens up new vistas of business opport...
Company Law : (1) These rules may be called the Companies (Management and Administration) Amendment Rules, 2021. (2) They shall come into forc...
Company Law : MCA amends One Person Companies (OPCs) rules vide Companies (Incorporation) Second Amendment Rules, 2021 MCA amends rules 6 relate...
As the name suggests, One Person Company is a type of Private Company which can be formed only by a Natural Person who is resident of India. One Person will act as the Director as well as shareholder of the Company. As the concept of OPC is quite famous and prevailing in outside countries also, […]
With the development of the practice, there will be more and more exception phenomena which can not be explained by the original thoughts or theories. Once these exceptions developed to such an extent that waved peoples confidence in the former thoughts or theories, crisis will happen, and scientific revolution begins. – Thomas S. Kuhn
This brief write up an attempt has been made to unlock the technicalities related to Conversion of Private Company into One Person Company prescribed under Companies Act, 2013. I believe that the procedure for Conversion of Private Limited Company into One Person Company through this article would be of some help for you all.
Till 31st March, 2014, if you wanted to set up a private company, you needed at least one other person because the law mandated a minimum of two shareholders. So, for the person wanting to venture alone, the only option was proprietorship, an onerous task since it is not legally recognized as a separate entity.
Article Analyses following Section applicable to One Person Company (OPC) under Companies Act, 2013– -Definition of One Person Company (Sec.2(62)) -Definition of Financial Statement (Sec.2(40)) -Formation of One Person Company (Sec.3) -Memorandum (Sec. 4(1)(f)) -Registered Office of One Person Company (Sec.12(3) Proviso) -Annual Return (Sec.92(1) Proviso) -Annual General Meeting (Sec.96(1)) -Applicability of Chapter VII (Management […]
There has always been a confusion among people when they want to start a business. I should go for Proprietorship, Partnership, LLP or Company. You definitely ask your friends, family members and co colleagues. You are very serious about your new venture, you have already validated your idea, done the right market research, but selection […]
Conversion of One Person Company to Private Company Q.1 Can OPC be converted into private limited company? A.1 OPC can be converted in to Private Limited after two years of setup, or even before that if its turnover is more than Rs 2 crore and paid share capital surpasses Rs 50 lakhs in a financial year, Q2. Can OPC be […]
As per the first proviso to section 3(1) of the Companies Act 2013, at the time of incorporation of OPC, the sole member of OPC is required to appoint another person as his nominee and his name shall have to be featured in the Memorandum of Association of the OPC.
How to Convert an OPC into Private Limited Relevant Section: Section 18 of the Companies Act, 2013 Relevant Rule: Rule 7(4) Companies (Incorporation) Rules, 2014 Note*- These conversions shall not affect the existing debt, Liabilities, Contracts, or Obligations of the OPC. Two ways of Conversion (a) Voluntary Conversion (b) Mandatory/Compulsory Conversion Voluntary Conversion Voluntary conversion […]
If you as an existing or aspiring entrepreneur would like to decide whether to switch to OPC structure or not then this article will surely guide you the path.
