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A One Person Company (OPC) is most appropriate for individuals who wish to be sole business visionaries. While even a sole proprietorship offers a similar advantage, not at all like a sole proprietorship, an OPC offers constrained risk and furthermore a different element status, alongside a superior remaining in the market (expanded trust and regard).
The real points of interest of an OPC are as per the following:
Wellbeing Net
As per the Companies Act, in an OPC, the obligation of the single investor is constrained to the unpaid membership cash in his/her name. This implies his/her own property is totally protected from banks of the business.
Progression
The Companies Act additionally accommodates a man, selected by the partner, to assume control over the reins of the organization in case of the passing or powerlessness of the said partner. This permits the OPC to have a ceaseless life, past that of the establishing executive.
Market Value
As the OPC is enrolled under the Act, it appreciates similar benefits that accompany a firm being recorded as a private restricted organization.
Simple Credit Facilities
The lawfulness of this sort of business and furthermore the ceaseless progression statement just makes it famous among banks and budgetary establishments.
Less demanding Return Filing
While it is compulsory for an OPC to get its records evaluated and document imperative yearly returns, the same can be effectively finished with the mark of the executive; the requirement for an organization secretary's mark isn't obligatory.
Inconveniences of an OPC
Assessment Rate
Since the firm is dealt with similarly as a privately owned business, the duty chunk appropriate is the same. That would mean an OPC would need to pay 30% duty on all benefits. There are no exceptions.
Requirement for Change
An OPC will just help independent ventures. In the event that turnover crosses Rs. 2 crore, all things considered, for three successive years, the OPC must be changed over to a private constrained organization, open restricted organization or LLP.
Just a single
A man can just enlist just a single OPC, until and unless it loses its status. This will undoubtedly influence serial business people.