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One Person Company (OPC) is a unique form of business structure that allows single entrepreneurs to operate their businesses with limited liability. In OPC, a single individual acts as both the owner and director, enjoying the benefits of a private limited company while simplifying the ownership structure. This guide provides an in-depth understanding of proprietorship in the context of OPC, including its definition, advantages, legal requirements, and the steps to establish one.
In OPC, the term "proprietorship" refers to the ownership structure where a single individual, known as the "member," holds all the shares and controls the company's operations. This individual is the sole decision-maker and is responsible for all aspects of the business.
The member’s liability is limited to the extent of their share capital, safeguarding personal assets from business-related liabilities.
OPCs are simpler to manage compared to traditional companies with multiple shareholders and directors, reducing administrative complexities.
OPCs are subject to favourable tax rates and exemptions available to small companies, promoting growth and profitability.
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In the realm of startup funding, Angel Funding and Venture Capital (VC) are powerful catalysts that fuel the transformation of ideas into thriving businesses. These funding avenues provide not only the financial backing that startups need but also bring a wealth of expertise, mentorship, and industry connections. In this overview, we’ll delve into the world of Angel Funding and Venture Capital, uncovering their significance, benefits, and how they shape the landscape of innovation and entrepreneurship.
Angel Funding involves individual investors, often successful entrepreneurs themselves, who invest their personal funds into startups during their initial stages. This early-stage investment serves as a critical foundation for startups to grow and flourish.
Single Member: An OPC must have only one member, who is also the director and shareholder. This individual must be an Indian resident.
Nominee: The member must nominate a nominee who will take over the OPC in case of the member’s death or incapacity.
Minimum Capital: While there is no minimum capital requirement, the member must subscribe to at least one share.
Name Approval: The proposed name of the OPC must be unique and must end with “Private Limited.”
Apply for the approval of the proposed name of the OPC through the Ministry of Corporate Affairs (MCA) or the relevant regulatory authority.
File the incorporation documents, including the Memorandum of Association (MOA) and Articles of Association (AOA), with the MCA.
Obtain a DIN for the member and nominate a nominee who also obtains a DIN.
Obtain DSCs for both the member and nominee, as digital signatures are required for online filings.
Complete the registration process, including obtaining a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).
Ensure timely compliance with annual filing requirements, such as filing financial statements and annual returns.
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