Reduced Liability: LLP is a separate entity from the personal life hence liability for repayment of debts and lawsuits incurred by the LLP lies on it and not the owner.
To start a One Person Company you need a minimum of One director and the maximum number of directors a company can have is up to 15. 3.Who is a Director?
The Annual return can be submitted by any of its directors but it shall be duly signed by both the directors of the Company and by the Manager or Company Secretary.
A One Person Company needs to be converted to a Private Limited Company based on the following situations; If there is an increase in the paid up capital of the One Person Company and it exceeds Rs. 50 Lakhs It is also when the average annual turnover during the period of initial three consecutive financial years is more than Rs. 2 crores.
There are different types of Companies like Private Limited Company, Limited Liability Partnership (LLP), One Person Company (OPC), Nidhi Company, Public Company, Partnership, etc.