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What are the pros and cons of a “One Person Company” (OPC) compared to Sole Proprietorship and Private Limited Company in India? How is an OPC different from LLP/LLC? - Hire CA : Knowledgebase
What are the pros and cons of a “One Person Company” (OPC) compared to Sole Proprietorship and Private Limited Company in India? How is an OPC different from LLP/LLC?
What are the pros and cons of a “One Person Company” (OPC) compared to Sole Proprietorship and Private Limited Company in India? How is an OPC different from LLP/LLC?
The concept of a one person company allows a single person
to run a company limited by shares.
The main differences between the two structures are :
Limited Liability
In a one person company the liability of the single shareholder will be limited to the unpaid subscription money in his name. whereas there is no such limitation in the case of a Proprietorship
Automatic Succession
In an OPC, there is a designated individual who shall, in the event of the death of the subscriber become the member of the company and be responsible for the running of the company.
In the case of a proprietorship this can happen only through a will, which again may be subject to challenge in a court of law.
Tax Implications
While the concept of OPC’s does not exist in tax laws yet, We can safely expect them to be under the same tax brackets as other companies ( 30% plus surcharge, MAT etc) further, provisions of dividend distribution tax would also be applicable on the company.
A proprietorship on the other hand is taxed at rates applicable on individuals ( basic exemption up to Rs 1,80,000 for the year 2012-13, slab rates etc.) and there is no tax on withdrawal of profits from the business. Making proprietorships more lucrative from a tax perspective, as compared to one person companies.
Trust factor
One would expect an OPC to inspire more trust in lenders
given the incorporation process and the automatic succession.
Compliance Costs
An OPC would have to file annual returns etc just like a
normal company and would also need to get its accounts audited in the same manner.
On the other hand a proprietorship would only need to get audited under the provisions of section 44AB of the income tax act once its turnover crosses are certain threshold.
