One Person Company Registration - We Legalize
The conviction of One Person Company was originated through the companyu2019s act, 2013, in order to support entrepreneurs who are on their own, are capable of establishing a single person economic entity. One of the biggest advantages of one Person Company is that there can be only one person in the company. While in the case of private limited company or LLP (Limited liability partnership) minimum of two members are required for incorporating. A one-person company is a separate legal entity offering limited liability protection to its shareholders, Easy to incorporate and have a continuity of business. One person company is the best enterprise for those who don't like to work under others and are looking for the benefits or private limited company. Though a one-person company allows entrepreneur to operate a corporate entity with limited liability protection but on the other it does have a few disadvantages too like every one person company must nominate a nominee director in the AOA and MOA of the company who will be the owner of the one-person company is the director is not available and also a one-person company is converted to a private limited company if its annual turnover crosses Rs.2 crores and it should also file an audited financial statements with the ministry of corporate affairs at the end of each year like all types of companies. All the load or management falls on the shoulders of a single person i.e. the owner of one Person Company. It is a great disadvantage because it is quite not possible to carry out the management of the whole company alone. Nevertheless, One person company is gaining immense popularity. It takes about 10-12 working days for the registration of one person company procedure, subject to the government processing time and the client document submission. For more visit our website: https://www.welegalize.com/one-person-company.php
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