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In One person company it gives a single promoter full control over the company , while limiting his/her libality to contributions to the business . This person will be the only director and shareholder. Furthermore , If an OPC hits a turnover of over Rs 2 Crore or has a paid up capital of ove Rs 50 Lakh , it must be turned into a private limited company or public limited company within 6 months of time .
One Person Company — Which One Is Better
Till recently, old Companies Act 1956 required at least two people to form a company. New Companies Act 2013, has introduced a new concept called One Person Company which provides an opportunity to Indian entrepreneurs to enter the corporate world alone instead of adding a family member or friend.
One Person Company concept is very popular abroad including in countries like USA, Europe and Singapore.
Many small or medium enterprises in India are doing business as sole proprietors which are now an unorganised sector. These people might enter into organised version of private limited company.
22) When will a company cease to operate as an One Person Company?
An One Person Company will cease to operate as an OPC where the paid up capital of an One Person Company exceeds Rs.50 lacs or its average annual turnover during the relevant period exceeds Rs.2 Crores, it shall cease to continue as a One Person Company
ONE PERSON COMPANY IN INDIA | STEP BY STEP GUIDE
Muvsi Research Desk Last updated on: 03/01/2016
ONE PERSON COMPANY IN INDIA — AN OVERVIEW
One Person Company in India was introduced through Companies Act, 2013 with an objective to support entrepreneurs carrying on the business in the Sole-Proprietor form of business with a Corporate Framework. One of the biggest advantages of an OPC is that there can be only one member in an OPC while a minimum of two members is required for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership. An OPC is a separate legal entity from its members and offers limited liability protection to its shareholders which is similar to a company. Formation and maintenance of an OPC are easier and cost effective.