Most frequent questions and answers
No, OPC means a company which has only one person, so it follows that OPC shall have Only one person as its member, therefore in OPC more than one member
forbidden by Companies Act, 2013.
When OPC paid up share capital exceeds Rs.50 Lakhs orits average annual turnover
of immediately preceding three consecutive financial years exceeds Rs. 2 Crores, then
the OPC has to mandatorily convert itself into private or public company.
OPC unless 2 years have expired from the date of incorporation of One Person
Company, cannot convert voluntarily into any kind of company.
Registration of OPC is Compulsory, one person run a company with advantages of limited liability and separate legal entity, while Registration of Sole Proprietorship is Not Compulsory. Sole Proprietorship run and owned by one person and were
there is no distinction between the owner and the business.
Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC,
No, A person cannot act as member or nominee in more than one OPC at a time, a Person who is member of one OPC can be nominee of other OPC.
The basic mandatory compliance for an OPC are as follows:
- Minimum 2 Board Meetings. At least one Board Meeting in each half of calendar year and gap between two meetings is not less than 90 days.
- Filing of ROC: Financial Statement in Form AOC-4 and Annual return in Form MGT-7.
- Compulsory Audit of books of accounts.
- Maintain of proper books of accounts, records and registers as per rules.
Filing of Income Tax Return.
No, such mandatory requirement to hold AGM for OPC.
Yes, in case of cessation of member of OPC on account of incapacity to contract, change in ownership or death. we need to inform ROC about change in membership of OPC in form INC-4.
Yes, Nominee can be anyone such as mother, father, spouse, daughter, son, brother,
sister, etc.,only they should hold a proper documents proof in order to be appointed as Nominee for OPC.