Features of One Person Company (OPC)

The following are the important features of the One Person Company (OPC)

• One Person Company is a Private Company
• One Person Company has only one person as a member/shareholder.
• Minimum paid up share capital of One Person Company is one lakh rupees (Rs. 1,00,000)
• One Person Company may be either a Company limited by share / a Company limited by guarantee / an unlimited Company
• The words "One Person Company" should be mentioned in brackets below the name of the One Person Company
• One Person Company shall indicate the name of the nominee/other person in the memorandum, with his prior written consent
• The written consent above, shall be filed with the Registrar at the time of incorporation of the One Person Company along with its M&A (Memorandum and Articles)
• The nominee/ other person can withdraw his consent at any time
• The member/Shareholder of One Person Company may change the nominee/other person at any time, by giving notice to the other person and intimate the same to Company. Then the Company should intimate the same to the Registrar
• One Person Company is one of the type of Company on the basis of number of members
• In case of the death of member/shareholder or his incapacity to contract, then nominee/other person become the member of the Company
• Member/Shareholder of the One Person Company acts as first director, until the Company appoints director(s)
• One Person Company can appoint maximum 15 directors, but minimum should be one director
• One Person Company need not to hold any AGM (Annual General Meeting) in each year
• One Person Company should inform to the Registrar about every contract entered and also should record in the minutes of the meeting with in 15days from the date of approval by the BOD (Board of Directors)
• Cash Flow Statement may not include in the financial statements of One Person Company
• One Director is sufficient to sign the Financial Statements/Director's Report
• Within 180 days from the closure of the Financial Year, One Person Company should file the copy of the Financial Statements with Registrar

How To Close Company in India

A company can be closed by adopting the following ways:-

Many times companies are not running well and may be closed down or liquidated. For this necessary formalities of the ROC must be complied.

Company can be closed as follows:

(A) Strike off a company under Section 560 :

Section 560, of the Companies Act, 1956, deals with strike off provisions of a defunct company. Any defunct company desirous to strike off its name from the register of Registrar of company can apply in Form 61 for strike off its name from the register maintained by ROC. Similarly, ROC has also power to strike off any defunct company after satisfying himself of the need to strike off a defunct company and has reasonable cause. But before passing any order in this regard, an opportunity of being heard must be provided to the defunct company by following the due procedure u/s 560.