A company means a commercial business that is run by a one-person under which many other workers do the job. The company that is known as newly launched under the different companies is called the one-person company. Just a trademark person who is an Indian occupant and occupant in India will be able to open an OPC Company and there will be a possibility for the sole individual from this organization. One person company registration office is currently conceivable on the web. It just requires one individual who is likewise the head of the organization.
At the point when anybody needed to set up a business with a solitary individual organization, he had just a single choice: A Proprietorship firm where he can work alone as an owner. The significant disadvantage of the ownership firm was the limitless risk where the owner needed to pay the cash by selling his very own things.
Consequently, in the ownership firm, the business liabilities become the individual liabilities. For comprehension inside and out here is a model, if you take an advance from the bank as an owner and by some coincidence, you can’t pay the home loan, at that point the bank can take the cash by selling your resources. The quantity of liabilities that you have turns into the individual responsibilities in Proprietorship firm. So, to dodge the downside of limitless responsibility, the idea of OPC Company was presented.
Different benefits of one-person company are:
- Bounded responsibilities: Here, the individual liabilities don’t turn into the individual liabilities, and the bank can’t contact your own resources for the recuperation of the advance taken by your organization. You can take the advance under the name of the organization, and record of loan repayment is likewise made under the name of the organization.
- Less complaints: The company has less consistence’s contrasted with different organizations like ownership and private restricted organization.
- Less initiation obstacles: You can start the company straightaway as a sole business visionary as you needn’t bother with some other investor to begin the organization.
- Convertible: In the event that you need to take adventure financing or fund-raise from the financial backers, you can do it by changing over your organization into the Private Limited Company.
- Ceaseless Succession: In this Company selection of a replacement by the Director is compulsory; and he will be the sole part in the event of death or handicap of Director. Thusly, in contrast to Sole Proprietorship, passing or handicap of sole part would not break down the organization. Individuals may travel every which way yet the organization can go on for eternity.
Above are benefits of one-person company. There are some important features of OPC company that are: It is an organization which has just individual as a part, has the base settled up share capital of INR one lakh, and isn’t required by One Person Company to remember Cash Flow Statement for the budget reports. If you want to know more about OPC company you can go online and search it and you can also consult any person who had started his business from this style.