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A One Person Company is a company which contains exactly one member. It is a separate legal entity from its promoter and the promoter has limited liability. Entrepreneurs who are capable of starting a venture on their own can make use of One Person Company (OPC) in India.
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Easy transfer of ownership
Ability to own property
One Person Company Registration
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A nominee is a person who joins the business in the event that the promoter passes away or is rendered incapable.
The total number of shares that a company may issue to its shareholders is known as its authorised capital. A Company must pay the authorities an issued capital fee before issuing shares.
Slightly less money is spent on an OPC than on a private limited company. You'll spend about ₹12,000 to incorporate, followed by about ₹15,000 per year in compliance fees and the cost of an auditor to review your financial records.
If the annual compliances are not met, the company becomes dormant and can eventually be struck off. It takes upto 20 years to be revived.
While submitting the document online, the DSC electronically confirms the sender's or signer's identity. Some of the application documents must be signed by the directors using their digital signatures, as per the MCA.
No, a person can only form one OPC at once. In an OPC, the nominee is also covered by this rule.
There are no general benefits, but some benefits that are industry-specific. In addition to the minimum alternative tax and dividend distribution tax, profits are subject to a flat tax of 30%.
Even though both an OPC and a sole proprietorship have only one person or member, they operate in very different ways. OPC is treated as a company with limited liability and the ability to own assets and property. A sole proprietorship, on the other hand, lacks these characteristics. As a result, there is no perpetual succession in the business, and the sole proprietor bears infinite responsibility.