One Person Company (OPC)


One Person Company, the most popular legal structure for businesses, should be chosen by anyone who is a single founder and not planning to raise funds. A One Person company can be incorporated with minimum 1 director and maximum 15 directors and has only 1 shareholder. A owner of One Person company has limited liability to creditors. In case of a default, banks / creditors can sell only company’s assets but not the personal assets of a directors.

The tax rate for the One Person company is also less compared to LLP. Company Registration in India can be done through BusinessSetup in all major cities including Bangalore, Mumbai, Pune etc.

Why Choose One Person Company Registration?

  1. If you do not have partners
  2. Limited Liability
  3. Can be incorporated in 5 working days
  4. Less expensive to incorporate
  5. Credible than proprietorship firm

Why not choose a One Person Company?

  1. The compliance cost is a bit high
  2. Cannot raise funds
  3. Cannot add partners for atleast 2 years
  4. Cannot transfer the shares easily

What are the minimum requirements for Company registration?

  1. Minimum 1 directors
  2. Only 1 shareholder
  3. Member should be Indian resident

Factors which are important to decide the name of the Company

There are certain rules laid down by the government to decide the name of the company. The name should be unique so a s to avoid the rejections. Following are the important guidelines for selecting the name of the company:

IT MUST BE MEANINGFUL:
The name of the company should have the meaning or relevance. It should is no way hurt any sentiments.

IT MUST BE UNIQUE:
The name of the company mustn’t be the same or identical to an already existing company or a trademark. One must preferably avoid the plural version.

IT SHOULDN’T BE ILLEGAL:
The name of the company shouldn’t be against the law. It shouldn’t be abusive or against customs and the beliefs of any religion.

IT SHOULDN’T BE A ABBREVATION:
The name of the company cannot be an abbreviation. It should be a complete word.

FAQs


No. Every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation and is liable to pay GST in terms of Sub-section (1) of Section 19 of Model GST Law.
Yes. In terms of Sub-Section (2) of Section 19, a person having multiple business verticals in a State may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed.
Yes. In terms of Sub-section (3) of Section 19, a person, though not liable to be registered under Schedule III, may get himself registered voluntarily, and all provisions of this Act, as are applicable to a registered taxable person, shall apply to such person.
Yes. Every person shall have a Permanent Account Number issued under the Income Tax Act, 1961 (43 of 1961) in order to be eligible for grant of registration under Section 19 of the Model GST Law.

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