Know More about One Person Company Registration in India

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If you are someone who is thinking to start a business alone but you are a bit confused when it comes to taking a strong decision. So, the answer for the same is definitely a big yes! A company run by just one single person is known as One Person Company. In this article you will get to know more about it so that you do not face any problem when you will open your company. This article has come up with every detail in it. One person company registration is like a very strong expansion in the sole and single proprietorship.

From the name itself it is pretty clear that it comes up with a complete control over the company which limits the liabilities of a person to involve in that particular business. One person company  registration process is followed by a series of legal process and documentation . It is a clear thing that the one who is running a One Person Company then you are the one who will be the director of the company and the share holder as well. If you want to start one person company, you just need to take care of all the legal policies of the same.

As per the new concept of the companies Act, 2013, you just need to fulfill the entire requirement and then you are liable enough to open a company of your own. As per this act it says that this kind of company will have only one person as its member. It is one of the latest forms of business entity which completely enables the entrepreneur to manage the company with some limitations in the liability. One person company registration is considered as the combination of sole proprietor and the business in the company form.

It is meant for supporting those entrepreneurs who are able to start a business on their own which enables them to make an economic entity of the person. It has been given quite relaxed requirement under the Companies Act. All you need to do is follow one person company rules so as to run your company effectively.

Some of the terms and conditions of one person company registration:

  • It must have minimum of one director and a maximum of 15 directors in one company
  • Only a citizen of India and a resident of India can apply for the company registration
  • Should be a person living in India for a minimum of 182 days(as per the English calendar)

Benefits of one person company registration in India:

  • Legal corporate status
  • Saving taxes
  • Separate entity of legal problems
  • Limitation on liabilities
  • Free compliances
  • Ownership of the property
  • Good opportunity for borrowing the funds
  • Easy to transfer
  • Never ending existence

This Blog would be fair enough to let you know all about one person company registration and its related terms. Knowing this would help you if you are planning to start one person company in India you can consult with LexOracle for one person company registration, Private Company registration, Limited Liability Partnership etc .

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