one person company

New form of business Structure

  • Incorporation packages starting from Rs 5500
  • Company incorporation all over India
  • Form your Company with us in 3 easy steps

Order Now

The concept of One Person Company is best suited to small companies, so there are certain relaxations given like:

Benefits-

Nomination facility in order to reduce the hardship caused in transferring the shares to the legal heir after members death or otherwise

No need to hold AGM (Annual General Meeting)

Financial Statements can be signed by only one Director


Annual return can be signed by CS or one Director if there is no CS.

Cash flow statements not required

Board meetings of OPC is required to be held atleast once in a half year and the gap between 2 meetings should not be less than 90 days.

Provisions of Board meetings, quorum and interested director doesn't apply to OPC.

where there is only one director on the Board of Director of a One person Company, any business which is required to be transacted at the meeting of the Board of Directors of a company, it shall be sufficient if, in case of such One Person Company, the resolution by such director is entered in the minutes book required to be maintained under section 118 and signed and dated by such director and such date shall be deemed to be the date of the meeting of the Board of Directors for all the purposes .


Drawbacks +

Costly to Form and Run:In comparison with other business forms, it is costly to incorporate and run a Company. Lot of compliances is required to be carried every year and therefore the cost of running is also high in comparison to other forms. Moreover heavy fines and penalties has been prescribed for the noncompliance.

Regulated form of Business:Company is highly regulated form of business , as lot of compliances like maintenance of various registers , holding of meetings are required to done each year and for undertaking various activities or decision , it is necessary to obtain the permission of specified number of shareholders and in some , of regulatory authorities also. The Companies Act 1956 also prescribes various provisions how the company will be managed and run.

Audit and Financial Disclosures:: It is necessary for all the companies to get its accounts audited annually and to prepare its balance sheet and profit and loss account in accordance with the prescribed guidelines. Lot of information as to the financial condition of the business is required to be disclosed and moreover, all such documents are available for public inspection, therefore it is not possible to maintain financial secrecy of the business.

Lack of Control: In case of companies, the ownership and management is divorced, in order words, it is not necessary the people owning the company are also managing it. The Company is managed by Directors, which are appointed by the shareholders. The Directors are responsible for running and managing the company and taking key business decisions and shareholders don't have any direct control over the company and therefore they are not much aware of whats happening in the company.

Long Closing Proceedings:: It is generally not easy to close the company as compared to other forms of business, the procedure to close is long and involves compliance of various formalities, at times it takes 1-2 years to completely wind-up the company. Moreover in certain cases, it is necessary to take the permission of the High Court to close the Company

The concept of One Person Company is best suited to small companies, so there are certain relaxations given like:

Benefits-

Nomination facility in order to reduce the hardship caused in transferring the shares to the legal heir after members death or otherwise

No need to hold AGM (Annual General Meeting)

Financial Statements can be signed by only one Director


Annual return can be signed by CS or one Director if there is no CS.

Cash flow statements not required

Board meetings of OPC is required to be held atleast once in a half year and the gap between 2 meetings should not be less than 90 days.

Provisions of Board meetings, quorum and interested director doesn't apply to OPC.

where there is only one director on the Board of Director of a One person Company, any business which is required to be transacted at the meeting of the Board of Directors of a company, it shall be sufficient if, in case of such One Person Company, the resolution by such director is entered in the minutes book required to be maintained under section 118 and signed and dated by such director and such date shall be deemed to be the date of the meeting of the Board of Directors for all the purposes .


Drawbacks +

Costly to Form and Run:In comparison with other business forms, it is costly to incorporate and run a Company. Lot of compliances is required to be carried every year and therefore the cost of running is also high in comparison to other forms. Moreover heavy fines and penalties has been prescribed for the noncompliance.

Regulated form of Business:Company is highly regulated form of business , as lot of compliances like maintenance of various registers , holding of meetings are required to done each year and for undertaking various activities or decision , it is necessary to obtain the permission of specified number of shareholders and in some , of regulatory authorities also. The Companies Act 1956 also prescribes various provisions how the company will be managed and run.

Audit and Financial Disclosures:: It is necessary for all the companies to get its accounts audited annually and to prepare its balance sheet and profit and loss account in accordance with the prescribed guidelines. Lot of information as to the financial condition of the business is required to be disclosed and moreover, all such documents are available for public inspection, therefore it is not possible to maintain financial secrecy of the business.

Lack of Control: In case of companies, the ownership and management is divorced, in order words, it is not necessary the people owning the company are also managing it. The Company is managed by Directors, which are appointed by the shareholders. The Directors are responsible for running and managing the company and taking key business decisions and shareholders don't have any direct control over the company and therefore they are not much aware of whats happening in the company.

Long Closing Proceedings:: It is generally not easy to close the company as compared to other forms of business, the procedure to close is long and involves compliance of various formalities, at times it takes 1-2 years to completely wind-up the company. Moreover in certain cases, it is necessary to take the permission of the High Court to close the Company

5 Strong Reasons To Choose Us

 
Transparent pricing & ethical practices
 
Affordable Cost & Best services
 
50+ yrs experienced & reliable team
 
 
 
Automated Registration Process
 
PAN India Services
 

100%

Satisfaction

100%

Transparency

100%

Secure Payments

Bizincorp.in is India's fastest growing online business registration service provider. We provide services related to Business entity set-up like Company registration, OPC registration, LLP registration etc and Business management like Trademark registration, tax registration, support services etc. We follow transparent and ethical business practices and offers qualitative services at affordable prices