The Advantages of Starting a Business with Just One Person, OPC

07 Mar The Advantages of Starting a Business with Just One Person, OPC

OPC, called a One-Person Company, according to the company act 2013, now a single person can establish the private limited company. One of the benefits of a one-person company is that it provides greater chances and limited responsibility. Because the OPC’s liability is limited to the value of the shares you own, you may take more risks in business without fear of losing your assets.

A single individual could not form a business before the implementation of the Companies Act of 2013. If a person wished to start a business, he or she could only do it as a sole proprietorship because forming a corporation required a minimum of two directors and two members.

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There are several sorts of company registrations from which to choose to legally establish a corporation. A private limited company, on the other hand, is the most popular company formation option. This type of business structure has limited liability and shares that are not freely exchangeable.

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According to Tax on Track Solutions, Benefits of OPC–

Directors’ assets are protected from limited liability.

Startups frequently need to borrow money and purchase items on credit. In the case of traditional partnerships, personal money and property are in danger if the firm is unable to satisfy its debts. Only the business investment is lost in a one-person private limited corporation; the directors’ assets are secure.

It is simple to obtain finances and loans.

One of the easiest business organizations to handle is an OPC. Only a small number of ROC filings are required to be submitted with the Registrar of Companies (ROC). Annual General Meetings (AGMs) and other regular compliances are not required. Tax on Track Solutions is a Company Registration Agent in Dwarka and one of the best Company Registration Online Consultants in Dwarka. Hire us to simply register a business at the lowest price possible along with loan facilities.

With a single owner, the company may be completely controlled

As a result, quick decision-making and execution are possible. Despite this, OPC can designate up to 15 administrative directors without granting them any shares. The Companies Act of 2013 exempts the OPC from some compliance requirements. The cash flow statement does not have to be prepared by the OPC. The company secretary is not required to sign the books of accounts or annual returns, which are only needed to be signed by the director.

Simple to sell and easy to manage

A one-person company (OPC) is simple to sell since it requires very little documentation and costs. It is simple to administer the OPC’s affairs because it may be established and maintained by a single person. Making decisions is simple, and the decision-making process is rapid. Ordinary and special resolutions may be readily passed by the member by writing them into the minute book and having the solitary member sign them. As a result, running and managing the firm is simple because there will be no internal disagreement or delays.