private limited company to one person company in india

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Private Limited To One Person Company Package

  • Private limited to One Person Company

  • Rs13499

  • Expert Assistance
  • Complete online process
  • End-to-end compliance solutions
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Private limited company to One Person Company in India

A Private limited company to One Person Company in India on the off chance that it has a paid-up capital of not as much as Rs. 50 lakh and a yearly turnover of under Rs.2 crore. An OPC additionally need a chosen one. The method is tedious, as you can’t utilize the INC-29 technique, yet ought to be finished inside 25 working days. Our bundle incorporates everything from the recording of the structures for change to the adjustment of your Memorandum of Association and Articles of Association.

Advantages of private limited company to one person company in india

Limits Director’s Liability
Organizations frequently need to get cash. In structures, for example, the Sole Proprietorship, owners are actually at risk for this obligation. So on the off chance that it can’t be reimbursed by the business, the owner would need to sell his/her vehicle, house or adornments to do as such. In Private limited company to One Person Company in India, just the sum put resources into beginning the business would be lost; all close to home property would be sheltered.
Persistent Existence
On the off chance that an advertiser were to work as a Sole Proprietorship, instead of an OPC, the business would arrive at an end on his/her demise. As an Private limited company to One Person Company in India has a different legitimate character, it would pass on to the candidate executive and, subsequently, keep on existing.
Less Compliances
An OPC can just have one executive and investor, so yearly filings are abundantly diminished, as is work identifying with offer authentications and the statutory registers.

OPC:Private Company in nature

1. Encourages entrepreneurship and corporatization of Business
2. Procedural requirements are simplified through exemptions
3. Separate legal entity
4. Limited liability

Conduct Board Meeting

For converting a private limited company to one person company in india, a board meeting must be conducted to get in principal approval of the directors and fix date, time and place for conducting extra-ordinary general meeting (EGM) to obtain the appproval of the Shareholders of the private limited company by means of special resolution.
Hence, at the Board Meeting, a support notice of EGM along with Agenda and Explanatory Statement should be annexed to the notice of General Meeting according to the Companies Act,2013. Further a Director or Company Secretary should issue Notice of the Extra Ordinary General Meeting (EGM) as permitted by the Board. The notice of the EGM should be issued to all Members, Directors and Auditors of the Company.

EXTRA-ORDINARY GENERAL MEETING
As called for in the notice, the Extra-ordinary General meeting (EGM) must be conducted on due date and the special resolution for conversion of private limited company into One Person Company (OPC) must be passed.
FILE MGT-14
After passing Special Resolution, Company shall file that resolution with the associated Registrar of Companies. Hence, fileform MGT-14 within a period of 30 days of passing Special Resolution with Registrsr of Companies, with approved fees and along with subsequent attatchments.

FILE FOR CONVERSION

To complete the conversion, form INC- 6 must be filed for the conversion to OPC with following documents:

  • Director’s declaration in the form of Affidavit in confirmation that all members and creditors granted permission for conversion.
  • Declaration that the paid up share capital of the company is less than or equal to 50 lacs and or average Annual Turnover is less than or equal to 2 crore rupees.
  • List of creditors
  • List of Members
  • Recently audited Balance Sheet and Profit and Loss Account.
  • Copy of no objection letter of secured creditors

On filing forms with relevent documents, the Registrar of Companies (ROC) will verify the E-Forms and attatched documents filed by the company for conversion of private limited company to one person company in india. On being satisfied that the company has complied with requirements the registrar will issue a certificate to the effect of conversion.