Public Company According to the Companies Act 2013, a public company is a company which is not a private company and has a minimum paid up capital of Rs.500000 or higher as prescribed in the agreement; meaning, the company which is not managed by a group of private individuals.
Every LLP under the Limited Liability Partnership Act, 2008 need to file Annual Returns and Statement of Accounts for every financial year, irrespective of whether LLP has doing any business or not.
The Companies Act, 2013 has introduced One Person Company (OPC) model by providing an opportunity to enter into a corporate world with a single person as member and having the privileges of a private company.
But for availing the exemption, LLP needs to file its accounts with the ROC (Registrar of Companies) which contain a statement of account and solvency by the partners to acknowledge the partners’ responsibilities for complying with all the requirements.