It is good practice to start of small by way of one person company, but that does allow the business to scale up and reach maximum growth as the many of the features are missed out in a one person company registration, especially for people who are looking into the startup route as it is very easy to get the seeding funding from the angel investors as all the basics are legally established a growing business must consider when they are exploring. If the company is going too venture offshore and they are awaiting investment from the same then private limited is the way to go. Conversion of opc to private company can either voluntary or suo moto.
OPC to private limited conversion can be done voluntary only after two years of the incorporation, although there will be compulsory conversion of opc when the paid up share capital of the OPC exceeds 5 lacs or turnover 2 Cr. Before conversion of OPC to private limited, the directors and member minimum quorum of 3 has to be attained, and also the memorandum and articles of association has to be altered. Once the registrar of companies is satisfied with the documents, a fresh incorporation of certificate will be issued.
At Unilex Consultants we provide you a hassle free Conversion of opc to private company which would be dealt by our professionals within a time frame. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.
In a private limited company there must be a minimum of 2 people involved who would be share the roles of both shareholders & directors and to a maximum of 200 members.
Legal protection for the shareholders are the main reason why businesses seek to go the private limited route.
Private Limited companies provide the best of two worlds having the legal protection as well as keeping the process simpler.
The initial capital limits the shareholders with the company in terms of theoretical value of shares and any paid in return to the set company.
Unlike normal Partnership firms, LLP firms, companies are given more recognition as they are regulated in company point of view by law.
A Company is a legal entity that continues to exist even after the death of the owner. Company can only dissolved by law.
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