One Person Company (OPC) is a revolutionary and new age business concept for young entrepreneurs. OPC concept has been introduced in the new Companies Act 2013, aims to provide simpler legal administration and to structured corporatization of micro and small businesses.
One Person Company (OPC) means a company which has only one member defined in section 2 (62) of The Companies Act, 2013. And also Companies Act says all the provisions related to private company are applicable to an OPC if not expressly excluded.
Eligibility norms for One Person Company (OPC) under Companies (Incorporation) Rules 2014: As per rule 3(1) only Naturally Born Indian citizen and resident of India shall be eligible to form OPC.
And a nominee for OPC also has to be naturally born Indian citizen and resident of India. No person shall be to become nominee or member in more than one OPC.
In the event of sole member death or incapacitated, the nominee will be the member of OPC. Nominee has the right to withdraw his consent if he so desire.
ROC FORMS APPLICABLE FOR ONE PERSON COMPANY (OPC):
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Limited Liability Partnership (LLP), consortium of flexibility of partnership and the advantages of limited liability of a company at low compliance cost. In simple words LLP means body of corporate with mutually agreed agreement as like in partnership.
Company means a voluntary association formed and organized to carry on a business. In India Company means a company incorporated under Companies Act, 2013 or Companies Act, 1956 or under any previous company law.
Bass Biz suggest to entrepreneurs who are interested to do business and raise capital through various sources can kick start their business as Pvt Ltd.In India Company means a company Companies Act, 1956 or under any previous company law.