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OnePersonCompany(OPC)/OneManCompanyMeaning
OnePersonCompany(OPC)/OneManCompanyMeaning
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WhatisaOnePersonCompanyoraOneManCompany?
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Itisregisteredcompanywhohasonlyoneshareholder.Itisaprivatecompany.
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Provisionsunderthecompaniesact1956
There was no separate provision(s) for oneman /one person companies in the
CompaniesAct,1956.EarlierundertheprovisionsoftheCompaniesAct,1956,
it requires a Public Company to have atleast 7 members(shareholders) and a
Private Company to have atleast 2 members(shareholders) and a Producer
Company to have atleast 5 members(shareholders). And therefore a company
having a single member was not allowed to have the existence of a registered
company.
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Definition
Section 2(62) of the Act, defines a One Person Company as a company
whichhasonlyonepersonasamember.
OPCisaPrivateCompany
AOnePersonCompanyistreatedasaPrivateCompanyonlysec3(1)(c).
Eligibilityofthemember
As per Rule 3 of the Companies (Incorporation) Rules, 2014, all the following
criteriamustbecompliedtobethememberofanOPC
(a)anaturalperson
(b)anIndiancitizen
(c)residentinIndia
(d)notaminor
Audit
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Jointholdersconsideredassinglemember
Joint Holder of share(s) would not constitute double membership, in case more
than one person is holding some shares jointly as joint holders for that shares
then they will be treated as single member and they can form a one person
company.
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Nameofthecompany
The words One Person Company shall be mentioned in brackets below the
nameofsuchcompany,whereveritsnameisprinted,affixedorengraved.[2nd
ProvisoofSection12(3)]
Director
Aonepersoncompanyshallhaveatleastonedirector.[Sec.149(1)(a)]
FirstDirectorIncaseofaOPCanindividualbeingmembershallbedeemedto
beitsfirstdirector
untilthedirector(s)isdulyappointedbythemember.[Sec.152(1)]
BoardMeeting
EveryonepersoncompanyshallhavetoatleastholdonemeetingoftheBoard
of Directors in each half of a calendar year and the gap between the two
meetingsisnotlessthanninetydays.
In case the one person company has only only one director on its Board, the
aboveprovisionsarenotapplicable.[Sec.173(5)]
AnnualGeneralMeeting
OnePersonCompaniesarenotberequiredtoholdAnnualGeneralMeeting.
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OnePersonCompany(OPC)/OneManCompanyMeaning
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'Roadmapforcuttingcorporatetaxin45
days'
As per Rule 3 of the Companies (Incorporation) Rules, 2014, all the following
criteriamustbecompliedtobethenomineeofthesolememberofanOPC:
(a)anaturalperson
(b)anIndiancitizen
(c)residentinIndia
(d)notaminor
'Road
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atetax
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SigningofAnnualReturn
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IncaseofOPC,theannualreturnshallbesignedbythecompanysecretary,or
where there is no company secretary, by the director of the company. [Proviso
toSection92(1)]
SigningofFinancialStatements
The financial statement, including consolidated financial statement, if any, as
approved by the Board of Directors shall be signed on behalf of the Board by
onlybyonedirector,forsubmissiontotheauditorforhisreportthereon.
Restrictionincarryingoncertainactivities
AnOPCcannotcarryoutNonBankingFinancialInvestmentactivitiesincluding
investmentinsecuritiesofanybodycorporates.
CeasetobeOnePersonCompanyCases
In case the paid up share capital of an OPC exceeds INR 50 lacs or its average
annualturnoverduringtherelevantperiodexceedsINR2crores,itshallceasetobe
entitledtocontinueasanOPC.[Rule6ofthecompanies(Incorporation)Rules,2014]
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OnePersonCompany(OPC)/OneManCompanyMeaning
Addacomment...
Commentusing...
SanjeevSaxenaAssociateDirectoratMenthaAndAlliedProducts
PrivateLimited
ReallyagreatinitiativebyMCA.appreciableefforttotoimpart
knowledgeaboutOPC.
ReplyLikeJune10at4:29am
LakshminarayananKrishnamurthyA.M.Jaincollege
WhyshouldanybodypreferOPCtoPvt.Ltd.Co.
ReplyLikeMay7at4:26am
JitendraPSahooICAIKOLKATA
wow
ReplyLikeMarch14at8:45am
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this
concept of opc is really fantastic approach for the
proprietorship concern as well as professional
1 Reply
one
person company registration available in India.
Vakilsearch.com is providing online based on registration
service - visit for more info - vakilsearch.com/one-personcompany-opc-in-india
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