We collect the Purchase and Sales bills, Expense Vouchers, Expense Bills either in soft copy or our in specified formats or physically.
We collect the Purchase and Sales bills, Expense Vouchers, Expense Bills either in soft copy or our in specified formats or physically.
We collect the Purchase and Sales bills, Expense Vouchers, Expense Bills either in soft copy or our in specified formats or physically.
"Let's Protect your identity and Create Value for your brand with team Apedzii"
A One Person Company (OPC) is a type of company that can be formed with only one individual as its member. It allows a single entrepreneur to operate a corporate entity with limited liability.
Registration Process
- Single Member: Only one individual is required to form an OPC.
- Name Approval: Apply for approval of the proposed company name.
- Incorporation: Submit incorporation documents, including the Memorandum of Association and Articles of Association, to the Ministry of Corporate Affairs (MCA).
- Certificate of Incorporation: Upon approval, the Registrar of Companies (RoC) issues a Certificate of Incorporation.
- PAN and TAN: Obtain PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) for taxation purposes.
Advantages
- Single Ownership: Owned and managed by a single individual, maintaining complete control.
- Limited Liability: Similar to private limited companies, protecting personal assets.
- Ease of Compliance: Lesser compliance requirements compared to larger companies.
Points to be Considered
- Limit on Turnover and Capital: There are limits on turnover and paid-up capital, restricting scalability.
- Conversion to Other Structures: Must convert to a private limited company if turnover and capital exceed prescribed limits.
Compliance
- Annual Filings: OPCs must file annual returns, financial statements, and other compliance documents with the Registrar of Companies (RoC).
- Statutory Audits: Mandatory audit of financial statements if the turnover exceeds the prescribed limit.
Liabilities
- Limited Liability: The individual member has limited liability, protecting personal assets. Directors' liability is limited unless involved in fraudulent activities.
An OPC is suitable for individual entrepreneurs who want limited liability without the need for additional shareholders. While it provides a corporate structure for single owners, it’s essential to consider the turnover and capital limits imposed and be aware of the conversion requirements in case of expansion. Consult with professionals to ensure compliance with legal and regulatory obligations.