Is it worthwhile to start a company as a one-person business (OPC)?

The Legal Considerations When Changing an LLP Agreement

One Person Company India is, by definition, a private limited liability company that was established in 2013.

Single founders frequently inquire about my ability to register a private limited company.People are still unsure of what a one-person business is because they are unaware of it.

Today, we’d like to inform you that if you’re the sole proprietor and want to start a business, you can choose an OPC (One Person Company).

There are ten good reasons to register an OPC, which are listed below.

Body Corporate One-Person Companies, which were launched in 2013, are by definition private limited companies.Additionally, because it is a corporation, it is exempt from personal liability in the event of a legal dispute.

For instance, if Mr.If X was hurt by your product, he can sue for damages.Nonetheless, he can’t sue you by and by on the grounds that you work for a different lawful element from him.

No Capital Requirement:

Despite its demise in 2014, the general public is still unaware of its existence.It is essential to note that there is no minimum capital requirement to register an OPC.Your decision is based on your capabilities.

For instance, you can start a business with Rs. 5000.

This is widely acknowledged as the most prevalent myth.The OPC Company is the type of business with the most freedom.

OPC compliances are not to be feared because, despite the fact that they will set you back anywhere from $8,000 to $10,000 per year, they will assist you in creating a legal file that can be used to apply for a loan, credit card, CC limit, or tender.

Simple funding:

The majority of people are unaware that your Cibil score is used to fund loans, and if you have a low score, getting a loan will be difficult.The OPC cibil score, which enables you to obtain loan funding even if your cibil score does not, will be checked, so a company’s cibil score has no value if it has been incorporated.

Easy hiring According to research, it is easier to hire good people in a private company than in a sole proprietorship, making hiring the hardest part of starting a business.

Ownerships are not registered business entities because they do not have a legal existence.As a result, it is absolutely necessary to establish a company and a team.

Easy Conversion into a Private Limited Company Additionally, once established, OPC may convert into a Private Limited Company.

The OPC can legally become a private company with just a single form.The most recent incident must have occurred at least two years ago.

OPC minimum requirements In addition, registering a one-person business in India is simple.It only requires meeting the following requirements:

One founder and one nominee are necessary.If an owner dies, the company will be run by the owner’s nominee.

The bank statement must be submitted by the nominee in addition to the PAN card and Aadhaar card.

The location where the company will be registered must have an official notice of registration (NOC) and an electricity bill.

Our OPC registration fee is only Rs. 11,000 (all-inclusive), and once we receive the necessary paperwork, we can set up your business in 5 to 8 days.

Once a One-Person Company (OPC)’s turnover reaches Rs. 2 crore and its capital reaches Rs. 50 lakh, it must convert to a Private Limited Company by filing a single form.

Benefits of being an MSME An MSME can be registered in India by anyone, but registering as a private limited company makes it easier to get loans.

Are you interested in learning how DP Accounting & Taxation Services can assist you in registering your OPC?

Our skilled tax and incorporation consultants at DP Accounting & Taxation Services can assist you in establishing an OPC in Ahmedabad, Gujarat, India.Partnership firms will be able to register starting at Rs. 4,999.DP Accounting & Taxation Service is always available to help you learn more and grow your business.

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