OPC provides a whole new bracket of opportunities for those who look towards to start their own ventures with a structure of organized business. OPC will give the young businessman all benefits of a private limited company which categorically means they will have access to credits, bank loans, limited liability, legal protection for business, access to market etc all in the name of a separate legal entity.
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What is LLP?
An OPC is a hybrid structure, wherein it combines most of the benefits of a sole proprietorship and a company form of business. It has only one person as a member who will act in the capacity of a director as well as a shareholder. One person company is a new concept in India which has been introduced by the companies act 2013. In the old Companies act 1956 a minimum of two directors and shareholders were required to form a private limited company. However in case of a One person company, only 1 person is required who can be a shareholder as well as the Director. Hence the name, One Person Company.
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Why convert Private Limited Company into One Person Company?
One person company (OPC) is a new form of business introduced by Companies Act, 2013. It is hybrid form of business where a sole proprietorship concern can get a corporate outlook. By converting a private limited company into OPC, one can avail the benefits that OPC has to offer such as complete control over operations, less compliances and management etc.
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We are committed to delivering value to our clients and ensuring long term success. Reach out to us to improve your business in global market, innovation ,reduce costs, implement new techniques, manage risk and governance. For us, the most important differentiator is not ‘what’ we do, but ‘how’ we do it.
We will make your business to GST Compliance. Returns are required to be filed digitally online through a common portal to be provided by GSTN
What is the Procedure for LLP Conversion?
Procedure for Conversion
A private limited company can be converted into OPC only if it has not more than 50 lakh rupees paid up share capital or average annual turnover is 2crores or less during the immediately preceding 3 financial years.
Board Meeting: Board meeting has to be convened by issuing proper notice to get, in-principal approval of directors for conversion of the company to OPC, fix time and place of EGM to get shareholders’ approval, to approve notice of EGM along with Agenda, to authorize director or company seretary to issue EGM notice.
Company shall also obtain NO objection certificate from existing members and creditors.
EGM notice should be issued atleast 21days before the EGM to all the directors, members and auditors of the company.
EGM is convened and shareholders approval through special resolution is obtained for conversion into OPC.
Company is required to file Special Resolution passed by shareholders for Conversion of Private Company into One Person Company (OPC) with concerned Registrar of Companies. Hence, file form MGT.14 within 30 days of passing of Special Resolution with the concerned Registrar of Companies, with prescribed fee and attachments.
The company shall file an application in Form No.INC.6 for its conversion into One Person Company along with prescribed fee and attachments
Concerned Registrar of Companies (ROC) will check the E-forms and attached documents filed by the Company for Conversion of Private Company into One Person Company (OPC). On being satisfied that Company has complied with prescribed requirements the Registrar shall issue the Certificate to the effect of Conversion of Private Company into One Person Company (OPC).