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One Person Company

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The Companies Act, 2013 completely revolutionized corporate laws in India by introducing several new concepts that did not exist previously. On such game-changer trademark karo understand the importance of of this introduction of One Person Company concept. Trademark karo helps you to get the benefits of the recognition of a completely new way of starting businesses that accorded flexibility which a company form of entity can offer, while also providing the protection of limited liability that sole proprietorship or partnerships lacked.

Definition of One Person Company

Section 2(62) of Companies Act defines a one-person company as a company that has only one person as to its member. Furthermore, members of a company are nothing but subscribers to its memorandum of association, or its shareholders. So, an OPC is effectively a company that has only one shareholder as its member.

Such companies are generally created when there is only one founder/promoter for the business. Entrepreneurs whose businesses lie in early stages prefer to create OPCs instead of sole proprietorship business because of the several advantages that OPCs offer.

Trademark Karo is you solution to establish OPC hassle free so that you focus on your business.

Trademark Karo mentions some features of a One Person Company

Features of one-person company:

a. Private company: Section 3(1)(c) of the Companies Act says that a single person can form a company for any lawful purpose. It further describes OPCs as private companies.
b. Single-member: OPCs can have only one member or shareholder, unlike other private companies.
c. Nominee: A unique feature of OPCs that separates it from other kinds of companies is that the sole member of the company has to mention a nominee while registering the company.
d. No perpetual succession: Since there is only one member in an OPC, his death will result in the nominee choosing or rejecting to become its sole member. This does not happen in other companies as they follow the concept of perpetual succession.
e. Minimum one director: OPCs need to have minimum one person (the member) as director. They can have a maximum of 15 directors.
f. No minimum paid-up share capital: Companies Act, 2013 has not prescribed any amount as minimum paid-up capital for OPCs.

One Person Company VS Private Limited

Particulars
One Person Company
Private Limited Company
Name of the entityThe name of the One Person Company must be ended with the word ‘OPC’ in the brackets.The name of the company must have suffix ‘Private Limited’.
Number of shareholdersOnly one member is required to form One Person Company.

Minimum- 2 members

Maximum-200 members

Number of directorsMinimum one director is required which can be extent to maximum 15 without any special resolution.Minimum two directors are required to form a private company which can also be extent to maximum 15.
TransferabilityIn one person company shares can be transfer only by altering the MOA (Memorandum of Association).In private company shares can be transfer easily.
Board MeetingOne board meeting must be hold in each half of the calendar year and the gap between the meetings must be at least 90 days. In case of one director, no need to hold a board meeting.One board meeting must be hold in each quarter of the calendar year and the maximum gap between two meetings can be 120 days.
Annual General Meeting (AGM)In case of OPC no requirement to hold an AGM.In private company an AGM is required to conduct within 180 days from the end of the financial year.
Annual FilingsFinancial statements (excluding cash flow statement) and annual return required to be filed with the registrar.In case of private company annual accounts and annual return are required to be filed with the ROC.