Post incorporation all the OPCs are required to file its financial reports and annual return with the ROC (Registrar of Companies) and income tax return with the tax department annually.
After Incorporation Compliances for One Person Company Common Seal Two rubber stamps are required one round shape engraved with the company’s name and another rubber stamp with the name of company along with the designation of authorised signatory.
Directors in One Person Company The revised Companies Act, 2013 has been introduced a new revolutionary concept of One Person Company which gives an individual owner advantages of a company with limited liability.
Although the structure of OPC (One Person Company) is similar to the sole proprietorship but the new concept of OPC get rid of the issues usually faced by the sole proprietors.
One person company provides the wide range of benefits of sole proprietorship and private company whereas partnership, the traditional form of business entity enjoys the requirement of less compliances.
According to sub-section 62 of section 2 of the Companies Act, 2013 One Person Company is introduced to promote business enterprises owned and managed by a single entrepreneur.
Hence the person should be thorough with his choice Disadvantages of One Person Company Taxation: Both One Person Company and private companies are put under the same tax slab by the income tax department.
To close a Private Limited Company, Every director of the company should comply with the provisions of the Companies Act 2013, There are many ways by which company could be wound up.
Overview Every company is registered under Companies Act 2013 and as per sec 139, every private limited company is required to appoint an auditor within 30 days of incorporation.
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.
Proprietor always hassle to take risk as the creditors has right to recover their money from his property Private Limited is a concrete form of business which gives the confidence to the directors of the company to take risk, as Companies Act 2013 contains a Limited Liability clause.
With new blood giving, defined outline to their dreams by initiating start-ups with a unique name along with a defining trademark, reflecting an eye popping logo of the company.
The government is trying their best to make the Incorporation of a Company more transparent and easy, in the spree to promote start-up culture in India.
Company Incorporation Rules 2014[1] contains the procedure to handle all the legal activity of the company, for example, it contains rules for incorporation process, to alter anything in a company, Manage the Company, etc.