One Person Company
Name: Chaitanya Avinash Ranjanjak
Batch 2020 – 2021
The concept of One Person Company is a form of new business, which is introduced in India by the Companies Act, 2013. OPC supports young entrepreneurs of India who are interested to start their own venture by creating a single person economic entity.
If you want to be only founder or promoter, then this One Person Company is the perfect start for you to start your own business. OPC has the biggest advantage over other forms of the company that is only one member in an OPC is required, whereas a minimum of two or more members are required for a Private Limited Company and a Limited Liability Partnership (LLP).
Stakeholders can avail of 5 different services (Name Reservation, Allotment of Director Identification number (DIN), Incorporation of New Company, Allotment of PAN and Allotment of TAN) in one form by applying for Incorporation of a new company through SPICe form (INC-32) – Simplified Proforma for Incorporating Company electronically (SPICe) – with eMoA (INC-33), eAOA (INC-34). In case eMoA, eAoA are not applicable, users are required to attach the pdf attachments of MoA and AoA. There is no need for reserving a name separately before filing SPICe. One name for the proposed company can be applied through SPICe (INC-32)
In case the paid-up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover of immediately preceding three consecutive financial years exceeds two crore rupees, then the OPC has to mandatorily convert itself into private or public company.
So The owner is exclusively the most important authority of OPC. Registering this type of company offers a great number of benefits of OPC. An OPC can only be registered as a Private Limited Company without dilution in ownership and management of the company.