One Person Company Registration in Shivaji Nagar consultant provides services in Shivaji Nagar with top consultancy in all over Bangalore in your doorstep, A One-person Company is a relatively new concept in India which has been come out with by the business act 2013. Early to One Person Company there used to be a construction called the Sole Proprietorship. In order to give a better Lawful position to a Sole Proprietorship, the idea of One Person Company was come out with. In the case of a One Person Company as the name itself suggests only 1 person is necessary and he or she becomes a director and bondholder. An appointee is also necessary in the case of One Person Company to cater to the situation of death, incapacity, etc of the Single administrator. One Person Company is an exception to Private Limited Company where a minimum of two directors is required.
- Limited Liability: In the instance of a Sole Proprietorship the liability of the proprietor is unlimited and his or her personal assets can be attached, however, in the case of One Person Company, since it is a separate entity the personal benefit of the Sole Director cannot be attached.
- Lawful Status: One Person Company is an apart Lawful entity from its Director. It has the capacity to sue and be sued in its own name. It will have its own split in two PAN Card, Service Tax Registration Number, TAN, and Bank Account, etc.
- Bank Operations: The Banks have every time preferred giving loans to Corporate Entities more than Sole Proprietorship as corporate entities have a Lawful entity and appropriately in case of payment problems the Banks have a better Lawful standing.
- Reduced Taxation Burdens: The Companies Act, 2013 has given ample powers to One Person Company to run its profession as a Company and anyone enters into a valid contract with customers. Thus, all the supply of tax planning applicable for Private Limited Company is also applicable for One Person Company. If proper tax planning is done a One Person Company can help lower taxation burden on the individual.
- Reduced Compliance: In comparison to a Private Limited Company, a One Person Company enjoys significant relaxation in the Registrar of Companies Compliance. A One-person company has relaxed norms for holding board meetings, quorum, etc.
Consultry is providing special services to clients who register a one-person company by helping them get their Bank Accounts opened with our partner Bank. One Person Company” means a company which has only one person as a Member. additionally, members of a company are nothing but contributors to its memorandum of association, or its bondholder. So, a One Person Company is effectively a company that has only one bondholder as its member. Such a business is normally created when there is only one founder or promoter for the business. One Person Company s needs to have a minimum of one person (the member) as director. They can have a maximum of fifteen directors. Companies Act, 2013 has not prescribed any amount as low paid-up capital for One Person Company. A unique feature of One Person Company s that separates it from other kinds of companies is that the sole member of the company has to introduce a nominee while registering the company. Since there is only one member in a One Person Company, his death will result in the applicant choosing or rejecting to become its sole member. This does not happen in other companies as they follow the concept of perpetual succession.
One Person Company or OPC Company registration in Shivaji Nagar cost will depend on many factors like based on company nature and based company type which you have selected. Costing information can be decided to consult experts. Consultry is the best team which can help you to get register your organization at an affordable cost. If you are looking to get register your organization feel free to send your inquiry to firstname.lastname@example.org or feel free to contact: 7975187793 or visit https://www.consultry.in/