This article which explains about the procedure for conversion of private limited company into one person company. It provides the information about what are the requirements to be needed when converting the company into OPC.
One Person Company:
One Person Company is a new concept of business that is recognized by the Companies Act 2013. One Person company(OPC), as a name suggests, can be registered to a single person as a member. Only one Director cum shareholder required for the formation of one person company. One person company provides more advantages such as Limited Liability, legal Status and Corporate Identity, Quick Decision Making, Flexible in Management, easy bank operation, reduced taxation burdens.
Conversion:
A One Person company can be easily managed with less compliance to be followed, conversion of the Sole Proprietor firm or Partnership or Private Limited Company to One Person Company would benefit most people.
Procedure for conversion of Private company into a One Person Company:
The procedure for conversion of private company into an one person company are regulated by Rule 7 of companies incorporation rules, 2014.
To know more about the conversion procedure at http://www.registeropc.com/conversion-of-private-limited-company-to-opc/.
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