The Process of closing a One Person Company (OPC) is known as Strike off or company closure. Company closure is done under newly notified rules Companies (Removal of Names of Companies) Rules, 2016 which governed by section 248 of Companies Act, 2013. If you are not running your company, we recommend you to close your One Person Company.
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Close One Person Company
To make the OPC free from its legal and regulatory compliances and thus declare that closed, there is mandatory need of updating the ROC or MCA database related with the closing OPC. A One Person Company (OPC) may be wound up either voluntarily or by the order of the Tribunal. Also, an OPC which has been inoperative regularly for past one year, counted from the date of its incorporation, may apply for closure under the Fast Track Exit (FTE) scheme of the MCA.
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Under One Person Company (OPC) it does not require any consent from any other person. Further the company closure request should be filed after repaying all creditors, disposing all assets and closing all bank accounts. Further, kindly note the following points:
– Take NOC form after clearing the dues/liabilities.
– If you are registered with any government department, then you must seek NOC to close the business operations like from Income Tax Department etc.
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Passing a resolution with support of 2/3rd in value of the creditors of the OPC, for voluntary winding up of the company.
The notice of this board resolution is to be submitted to the relevant ROC within 10 days of its approval from the creditors. A declaration is also to be submitted stating that the OPC has no debts, or if there are some debts, these will be paid off through sales of its assets within one year.
Filing the application for striking off the OPC with the concerned ROC, together with submitting the Board Resolution in favor of winding up. In case, the closing OPC has been inactive for one year after its incorporation, then the Form FTE is to be filed with ROC, within 30 days from the date of signing the statement of assets and liabilities of the closing OPC.
The resolution for winding up is also to be advertised in the Official Gazette and also in a newspaper which is widely circulated in the district where the head office/registered office of the closing OPC is located.
Appointing a registered Liquidator for processing of necessary tasks associated with the winding up of the OPC. This liquidator is required to maintain and submit all requisite reports and accounts to the Tribunal and also to the Registrar.
Submission of the Statement of Accounts, Statement of Assets and Liabilities, Indemnity Bond, etc.
Lastly, if satisfied, the Tribunal and the Registrar will pass the winding up, and declare the OPC closed.
What is the validity period of the name approved for LLP?
The approved name of LLP shall be valid for a period of 3 months from the date of approval.
Can a LLP undertake Not-for-Profit activities?
No. One of the requisite of an LLP is to carry on business for profit.
Will the assets and liabilities of the firm be transferred automatically to LLP?
All tangible as well intangible property vested in the firm, all assets, interests, rights, privileges, liabilities, obligations relating to the firm and the whole of the undertaking of the firm shall be transferred to and shall vest in the LLP without further assurance, act or deed.
When is an LLP required to get its books audited?
If the LLP has a turnover of Rs.40 lakhs or more and/or has a capital contribution of Rs.25 lakhs or more, the financial statements should be audited.
What are the compliance requirements for LLPs?
Every LLP is required to maintain annual accounts reflecting true and fair view of its state of affairs. A statement off accounts and solvency shall be filed by every LLP with the registrar of LLP every year.
Can the losses or unabsorbed depreciation of the proprietorship concern be carried to the LLP?
The accumulated loss and unabsorbed depreciation of firm is deemed to be loss/depreciation of the successor LLP for the previous year in which conversion was effected. Thus such loss can be carried for further eight years in the hands of the successor LLP.