{"id":2165,"date":"2019-08-01T09:32:55","date_gmt":"2019-08-01T09:32:55","guid":{"rendered":"https:\/\/commerceiets.com\/?p=2165"},"modified":"2019-08-01T09:32:55","modified_gmt":"2019-08-01T09:32:55","slug":"one-person-company","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/one-person-company\/","title":{"rendered":"ONE PERSON COMPANY"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_72 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/one-person-company\/#ONE_PERSON_COMPANY\" title=\"ONE PERSON COMPANY\">ONE PERSON COMPANY<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/one-person-company\/#FEATURES_OF_OPC\" title=\"FEATURES OF OPC\">FEATURES OF OPC<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\" style=\"text-align:center\"><span class=\"ez-toc-section\" id=\"ONE_PERSON_COMPANY\"><\/span>ONE PERSON COMPANY<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-medium-font-size\">One Person Company is a corporation which has only one person as a member. This is the form of corporation organisation which has been introduced in India under the Companies Act, 2013. The main aim of introducing the concept of OPC is to allow the sole proprietorship form of business to flourish and enter into the corporate framework by creating a single person entity in the eyes of the law.<\/p>\n\n\n\n<p class=\"has-background has-medium-font-size has-luminous-vivid-amber-background-color\"><strong>ACCORDING TO SECTION 2(62) OF COMPANIES ACT, 2013<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cOne Person Company means a private limited company with\nonly one person as its member.\u201d<\/p>\n\n\n\n<p class=\"has-background has-medium-font-size has-luminous-vivid-amber-background-color\"><strong>ACCORDING TO SECTION 3 OF COMPANIES ACT 2013<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cAn OPC may be either<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A company limited by shares, or<\/li><li>A company limited by guarantee, or<\/li><li>An unlimited company.\u201d<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"text-align:center\"><span class=\"ez-toc-section\" id=\"FEATURES_OF_OPC\"><\/span>FEATURES OF OPC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-medium-font-size\">The following are the features of OPC:<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>MEMBER OF AN OPC<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Only a natural person who is an Indian citizen and resident\nin India can be a member of an OPC.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u2018Resident\u2019 means that person who has stayed in India for a\nperiod of not less than 182 days immediately preceding one calendar year.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>MINIMUM PAID UP CAPITAL<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">The minimum paid up capital of OPC should be \u20b91,00,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>PURPOSE<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">It can be formed for business purpose only. In other words,\nit cannot be formed for charitable purpose.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>NUMBER OF DIRECTORS<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">An OPC can have minimum one and maximum 15 number of\ndirectors.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>CONVERSION<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">An OPC cannot convert itself into public or private corporation unless a period of 2 years has expired from that date of its incorporation. Also, the conversion is mandatory or compulsory when the paid-up share capital is increased beyond \u20b950 lakh or its average annual turnover during the relevant period exceeds \u20b92 crore.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>FORM<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">The OPC may be either<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A company limited by  shares, or<\/li><li>A company limited by guarantee, or<\/li><li>An unlimited company.\u201d<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>ANNUAL GENERAL MEETING<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">OPC is not required to hold the Annual General Meeting in any year.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>DIRECTOR<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">The shareholder or member of the OPC is its first director.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>WORD OPC<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">The words \u2018One person Company\u2019 should be mentioned in brackets below the name of the OPC.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Thus, OPC is the corporation that is registered under the Companies Act 2013 and is not under any obligation to file the Cash Flow Statement along with the financial statements. Also the provisions Notice of General Meetings, Quorum for Meetings, Proxies etc. shall not apply to OPC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ONE PERSON COMPANY One Person Company is a corporation which has only one person as a member. This is the form of corporation organisation which has been introduced in India under the Companies Act, 2013. The main aim of introducing the concept of OPC is to allow the sole proprietorship form of business to flourish&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/one-person-company\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;ONE PERSON COMPANY&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":2168,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[114],"class_list":["post-2165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-accounting","tag-features-of-one-person-company"],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=2165"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/2168"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=2165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=2165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=2165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}