One person company is a company that has only one person as its member and also it is accurate or appropriate for small businesses and commerce’s where the earnings, retribution and profits is not likely to cross Rs. 2 Crores and the utmost or greatest amount of capital is limited to Rs. 50 Lac. One person is a company which is having only a single or an individual owner as according to subsection 62 of section 2 of the companies’ act 2013. An OPC can have more than one director. Member of one Person Company are accepted as the company shareholders or the subscriber to its memorandum of association.
Only ordinary or excepted person who is Indian Citizen in previous economic year can include OPC. Only one person is essential and required to start an OPC and such individual shall be one and only member of the OPC. A candidate and nominee of such one and only member shall also be prearranged and allotted at the time of incorporation of the company.
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FEATURE AND ADVANTAGES OF ONE PERSON
COMPANY
1. SEPARATE LEGAL EXISTENCE:
A One Person Company is a separate legal identity in the eyes of law. It means assets and liabilities of the business are not same as the assets and liabilities of the directors and shareholder. Both are considered as different.
2. LIMITED LIABILITY:
If the company undergoes financial distress, the personal assets of Sole member/shareholder cannot be used for paying the debts of the Company.
3. LEGAL STATUS AND SOCIAL
RECOGNITION:
One Person Company is basically a Private Company and Private Limited Company is the most popular business structure in the world. It gives suppliers and customers a sense of confidence in business. Large organizations prefer to deal with private limited companies instead of proprietorship firms. Private Limited business structure enjoys corporate status in society which helps the entrepreneur to attract quality workforce and helps to retain them by giving corporate designations.
4. NOMINEE OF SOLE MEMBER:
A unique feature of OPCs that separates it from other kinds of companies is that the sole member of the company has to appoint a nominee while registering the company.
MINIMUM REQUIREMENTS TO REGISTER ONE
PERSON COMPANY
1. UNIQUE NAME OF COMPANY:
The proposed name of the company should be unique one and should not be similar or resemble with an existing company or LLP or Registered Trademark or Trademark applied for.
2. MINIMUM ONE PERSON:
A One Person Company can be registered by only person, who shall act as the Sole Member and Director of the company and such sole member must be a Natural Person, Indian Citizen and who must stayed in India for at least 182 days during the preceding financial year.
3. NOMINEE OF SOLE MEMBER OF OPC:
Nominee of sole member of OPC shall be appointed at the time of incorporation of the One Person Company, who shall be member of OPC in case of death or disability of sole member.
4. CAPITAL REQUIREMENTS:
There is no requirement of minimum Paid up capital to register a One Person Company. Investment can be made as per requirements of business.
DOCUMENTS REQUIRED TO REGISTER A ONE
PERSON COMPANY
· Photograph of sole member/ director and nominee
· Self attested copy of address proof viz. Bank statement/ electricity bill/ mobile bill/ telephone bill/ any one.
· Self attested copy of pan card of sole member/ director and nominee
· Rent agreement/ ownership documents and utility bill of the registered office of the company
· Self attested copy of the aadhar card/ voter ID/ DL/ Passport, any one of sole Member/ director and nominee.
· E-Mail ID/ Mobile/ No/ place of birth/ educational / qualification/ duration of stay etc.
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