An OPC is an evolved version of a proprietorship firm where the liability of the individual is restricted unlike a traditional sole proprietorship firm. It is governed by the provisions of Companies Act, 2013. An OPC enjoys the privilege of a legal individual corporate entity like perpetual succession, own properties on its own name, capacity to sue and be sued, etc.
Who can Form?
Minimum 1 major Individual and a Nominee.
NO MINIMUM CAPITAL REQUIRED
|Passport size photographs.|
|ID Proof : Adhar Card / Driving License / Voter ID Card / Passport.|
|Address Proof : Bank Statement / Electricity Bill/ Telephone Bill.|
|Electricity Bill of the proposed Registered Office.|
|Rent Deed/ Lease Deed / NOC of Owner of the Registered Office premises.|
|Capacity to sue.|
|Flexibility and autonomy.|
|Preferred more than a Sole Proprietorship by banks for loan considerations.|
|Can have upto 200 members.|
|8 -15 Days|
( All inclusive )
|Additional Amount payable for the states of Punjab, Madhya Pradesh and Kerala.|
What All it includes
|Preparations of MOA/ AOA and other documents.|
|Govt Fee and Stamp Duty.|
|Certificate of Incorporation.|
How it works?
Caparison between Partnership, LLP & Company
|Partnership is governed by ‘The Indian Partnership Act, 1932’ and various Rules made there under.||Limited Liability Partnership are governed by ‘The Limited Liability Partnership Act, 2008’ and various Rules made there under.||Companies are governed by ‘Companies Act, 2013’.|
Registration of Business
|Registration with Registrar of Firms is optional.||Registration with Registrar of LLPs required.||Registration with Registrar of Companies required.|
|Funding||Cannot raise capital from VCs and PE firms.||Cannot raise capital from VCs and PE firms.||Can raise capital from VCs and PE firms. Further the Public Limited companies can also raise funds from people.|
|It does not have perpetual succession as this depends upon the will of partners.||It has perpetual succession and partners may come and go.||It has perpetual succession and members may come. and go|
Number of Members
|Minimum 2 and Maximum 20.||Minimum 2 partners and there is no limitation of maximum number of partners.||2 to 200 members in case of Private Company and Minimum 7 members in case of Public Company.|
Liability of Partners/Members
|Unlimited. Partners are severally and jointly liable for actions of other partners and the firm and liability extend to their personal assets.||Limited, to the extent their contribution towards LLP, except in case of intentional fraud or wrongful act of omission or commission by the partner.||Generally limited to the amount required to be paid up on each share.|
|Income of Partnership is taxed at a Flat rate of 30% plus education cess as applicable.||Income of LLP is taxed at a Flat rate of 30% plus education cess as applicable.||Income of Company is Taxed at a Flat rate of 30% Plus surcharge as applicable.|
|By agreement, mutual consent, insolvency, certain contingencies, and by court order.||Voluntary or by order of National Company Law Tribunal.||Voluntary or by order of National Company Law Tribunal|
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