Minimum Requirement Must have one shareholder who is an Indian citizen and resident of India Must have one nominee who is also  an Indian citizen and resident of India Must have one director (one shareholder himself can consider as a deemed director) Minimum share capital shall be Rs.1,00,000 Registered office in India DSC (Digital Signature Certificate) obtained by the sole owner DIN (Director Identification Number) of the director Documents Required The mandatory documents required to be filed with the MCA (Ministry of Corporate Affairs) to incorporate an OPC are as follows: Sr.

Stamp duty is collected by the government which is payable for different types of documents as per the Stamp Act.

Still, the concept of OPC is new in Indian business market but as the time will pass it will embrace as a most successful business entity.

Here we discuss some important rules for the functioning of the one person company: Rule 3- One Person Company Rule 3(1): Eligibility to incorporate One Person Company or to be a nominee of the company: A natural person An Indian citizen Resident of India Note-A natural person, who stayed in India for a minimum period of 182 days during immediate preceding one calendar year, shall be called a resident of India.

Any individual who is born in India and is a permanent resident of Indian preceding calendar year (i.e stayed here for 182 days).

Difference between OPC and Sole Proprietorship The below tables unveil the differences between the OPC (One Person Company) and Sole Proprietorship: Particulars One Person Company Sole Proprietorship Governing Law One Person Company prevailed by the Companies Act, 2013.

Difference between OPC and Public Company Comparative analysis of One Person Company and Public Company: Particulars One Person Company Public Company Governing Body OPC (One Person Company) is governed by the Companies Act, 2013.

Difference between OPC and Partnership Below table shows the comparison of two ideal entities for most entrepreneurs: Particulars One Person Company Partnership Governing Body One Person Company governed by the Companies Act, 2013.

According to section 3 it is defined as a private company with only a single director with Indian nationality.

Nationality: One Person Company only allows a permanent resident of India with an Indian nationality to form the company along with the nominee who does not allow any foreign investment or foreign MNC to invest their subsidiaries in one person company.

Compulsory Winding up When Company did something which is unlawful or illegal then Government by force shut down the company.

Note: Procedure of winding up a company is similar for every company Incorporated in India.

LLP is a worldwide recognised business entity registered with the ministry of corporate affairs and governed by the Limited Liability Partnership Act, 2008 which limits the liability of partners and provides flexibility of a partnership.

Though, Private Limited Company is the most popular form of business in India however; you can also convert it to another business form if you wish to grow it on a large scale.

Due to the regulation of government and accordance with law, once in a year, every company requires having their accounts audited by the auditor.

As Sole Proprietorship Firms are not governed by any law.

OPC has more benefits than a private company hence any private company dealing with all sorts of businesses is applicable to convert itself to an OPC with the rules and provisions given in Section 18 of the Indian Companies Act of 2013, and the Companies (Incorporation) Rules of 2014 [CR-2014] Eligibility Criteria for Converting to One Person Company Legal Provisions related to Conversion of Private Company into One Person Company are given in Section 18 the Companies Act, 2013 read with Rule 7 of Companies (Incorporation) Rules, 2014.

Every Private Limited Company is required to cope up with the legal regulations that are imposed by the government to maintain proper data & functionality of companies in The Indian Economy.

What is the minimum requirement for the conversion The requirements stated by the government for the conversion under the First Provision of SEC 14(1) are: Minimum requirement of 7 shareholders and three directors are required Minimum Authorized paid-up capital up to five Lacs About 75% of members consent Few Amendments in the article of Association A new, unique name for the company Complete annual returns filing with the registrar What are the documents required for the conversion?

The new blood needs to be well versed with guidelines and the latest trends prevalent in India for trademark logos.

 Is the new catch phrase outlining the corporate culture in India.

Stamp Duty is a government fee for registering a company in their jurisdiction.

Cost of Registering Private Limited Company in India Nowadays, All the legal process and registration process is online now.

In the form, Attorney verifies the authenticity of the party to the government.

Government of India has made efforts my providing an online portal to apply for the same.

Hindustan Unilever, which produces desserts under the name and style of ‘Kwality Walls’ along with the support of Vadilal Industries and Vadilal Dairy International has sued, Gujarat Milk Marketing Federation Limited (GCMMF), which markets under ‘Amul: The Taste of India’ for launching a misleading TV commercial. # THE ROOTS It’s not something unusual, with the rise in the temperatures, the aggressive temperament of the dessert brands takes a front foot stepping in the house of law.

. • Total number of people who file ITRs are 6 crores • Assessees with Aadhar linked PAN are 1.08 crores # POINT IN CONTENTION Government has taken such conducive measures, • To penalize tax evaders. • To find defaulters with multiple PAN cards. • To ease the assesses of the hassle from submitting their IT acknowledgment. • To verify the real identity of the person by crosschecking the basic details. # STEPS TO LINK Step 01: go to the official Income Tax E-filing portal Step 02: Login as a Registered user.

All Companies Master Data store at Ministry of Corporate Affairs(MCA). CIN number required to search data on MCA. Only Company name required to find data on Private Platforms. Directors information, funds information, latest activities of a Company is available on Private Platforms.

The Companies Act, 2013 that looks into company registrations in India mandates that a company name should not be identical to a registered trademark.

Government aims to duplicate the numbers in next 4 years time frame under the NIDHI programme to support Start-ups.

The total E-spending by Indians is likely to reach $128 billion by 2018.

Sharks in Disguise Intrigued Indian Government The Government’s Start-up India is practically going a long way, by leaving no stone unturned.

  Ever since the re-makers of the Indian film “Sholay” were sued ( refer : Sholay Media Entertainment v Parag Sanghvi CS (OS) 1892/2006) where the defendant was restrained from infringing the plaintiff’s copyright and registered trademarks in the title of the film “Sholay” and its key character, “Gabbar Singh”, and any other deceptively similar marks/names.

 The Chinese government also provided protection to Trump name, in English along with two famous Chinese translations of his name.

Almost Three years ago, when Uber and Ola stepped into the Indian market, they were all pumped with capital infusion and transferred the incentives to its drivers in the form of perks and subsidies.

Out of the total population, around 864,676,587 Indians are facing the Digital Divide.

Comparison between traditional partnership and LLP (Limited Liability Partnership) Particulars Partnership LLP Prevailing Law Partnership is prevailed by ‘The Indian Partnership Act, 1932’  LLP (Limited Liability Partnership) are prevailed by ‘The Limited Liability Partnership Act, 2008’  Registration Registration of Partnership is optional; it may or may not be registered.

  Difference between Private Limited and LLP  Comparison Limited Liability Partnership (LLP) Private Limited Company Governing Act  Limited Liability Partnership Act, 2008   The Companies Act, 2013.

Act Limited Liability Partnership Act,2008 governs the provisions and compliances of an LLP, failing which penalties are imposed.

Area of Jurisdiction Limited Liability Partnership registration is governed under the jurisdiction of Central Government.

The Startup India Scheme has made a steep rise in demand for registrations of new companies in India.

Since the LLP registration comes under the jurisdiction of the Central Government, the name selected should be unique and should not replicate the name of any other entity registered with MCA.

Narendra Modi’s Startup India, Standup India initiative has embarked a historic move.

The government’s ideology is to tap all tax leakages and enhance its revenue source.

Shah Rukh khan too has filed applications to register trademark ‘SRK’, in almost all the 45 classes • Get a Sound Registered Yahoo Yodel was the first sound mark to be registered in India.

It seems like phone makers started having faith in the Indian market.

Hasty Discount Tactics The travel industry in India is known for discount strategies.

Trump legacy started making impact on Indian Economy.

You’ll be smacked with a long list of taxes ranging from Airline Fuel Charge, Krishi Kalyan Cess, Government Service Fee, Swachh Bharat Cess, User Development Fee, Passenger Service Fee, CUTE Fee and Insurance if any.

LLP Agreement Stamp Duty in India Stamp duty levied on the LLP Agreement is different from state to state.