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Pvt ltd company to one person company in bangalore

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Overview

A private limited company is a company that is held privately by a small group of individuals. A private company needs to have a minimum of two directors and members. The maximum number of directors can be 15, and the maximum number of members can be 200 under the Companies Act, 2013.

One Person Company (OPC) is a new concept introduced in the Companies Act, 2013. A single individual can register an OPC. There should be only one member in an OPC. There cannot be more than one member, but it can have a maximum of 15 directors.

The conversion of one company class to another class, i.e. conversion of a private limited company into OPC is provided under Section 18 of the Companies Act, 2013 (‘Act’) and Rule 7 of the Companies (Incorporation) Rules, 2014. The compliance requirements are less in OPC than in private limited companies; thus, private limited companies choose to convert into OPC.

Advantages

  • Decision making is easy and quick as there is only one person to take the decision. The time saved for taking decisions can be used in other productive assignments.
  • Annual and ROC compliances are significantly less for OPC.
  • Work-related to share certificate, annual filing, etc., are less for OPC.
  • OPC does not have to hold an Annual General Meeting and need not comply with many other legal requirements that are mandatory for a private limited company.

Conditions for Conversion

1.  The member of the new OPC should be a natural person.
2. The member of the new OPC should be a citizen of India, i.e. who has stayed in India for 120 days in the preceding financial year.
3. The member of the OPC should not be a member of any other OPC or be a nominee of any other OPC.
4. A minor cannot be a member or part of OPC.
5. The company to be converted into an OPC should not be established as a Section  8 company.

Documents Required

The following attachments should be made with the Form MGT-14:

  • The EGM notice with the explanatory statement copy.
  • A true certified copy of the special resolution.
  • The altered MOA and AOA of the company.
  • A certified copy of the board resolution.

The following attachments should be made with Form INC-6:

  • The total list of creditors and members.
  • The latest balance sheet of the company.
  • A copy of the NOC letter of secured creditors.
  • The NOC of creditors and members.
  • The company directors should give a declaration through a duly sworn affidavit confirming that all creditors and members of the company have given their consent for conversion.

Faqs

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