One Person Company or OPC can be formed in India by a natural person who must be an Indian citizen and resident of India. Such OPCs are provided with simpler legal and governance regime for their operations and lesser compliance requirements relating to general meetings and board meetings. But, the question is Can One Person Company be converted to private or public limited … [Read more...] about Can One Person Company be converted to private or public limited company
companies act 2013
How to convert Private Limited Company into One Person Company or OPC
Procedure for conversion of a Private Limited Company to One Person Company or OPC is regulated by Companies (Incorporation) Rule, 2014. Rule 7 of Companies (Incorporation) Rule, 2014 specifically talks about this conversion procedure. A Private limited company can get converted to One Person Company or OPC if it has not more than 50 Lakhs rupees paid up share capital or … [Read more...] about How to convert Private Limited Company into One Person Company or OPC
Consent of Nominee to form One Person Company in India
One person can form a company for any lawful purpose by subscribing his or her name to the memorandum of association i.e. by becoming a shareholder. Such forms of company in India are called One Person Company. To ensure that the One Person Company lives on even after the death or disability of the sole owner, Companies Act 2013, has made it mandatory that the sole owner has … [Read more...] about Consent of Nominee to form One Person Company in India
Is cash flow statement required for private limited companies
With the introduction of new companies act 2013, many students and professionals are asking one common question, is cash flow statement required to be prepared for a private limited company while preparing financial statements at the end of the financial year. Today we will be discussing requirement of cash flow statements and companies to which it’s not applicable. For … [Read more...] about Is cash flow statement required for private limited companies
Definition of Small Company and few relaxations as per Companies Act 2013
Companies Act 2013 has introduced a new concept known as small company. Small company as per the Companies Act 2013 is defined with reference to the paid up share capital or the turnover as per the last profit and loss account of a private limited company. Because of the size, small companies are considered and they are not required the same level of compliance as large … [Read more...] about Definition of Small Company and few relaxations as per Companies Act 2013
Post incorporation compliance for a private limited company
After getting certificate of incorporation, a private limited company is required to comply with certain rules and regulations as per the Companies Act 2013. Certain new provisions are added to the Companies Act 2013 as compare to the old Companies act 1956. There are many requirements that a company should comply to carry on its business. But, today we are going to discuss … [Read more...] about Post incorporation compliance for a private limited company
When and where to conduct annual general meeting or AGM – Companies act 2013
Annual general meeting or AGM is a yearly meeting of members or shareholders of a private or public limited company to comply with legal requirements which include approval of audited accounts and appointment of company auditor. As per section 96 (1) of companies act 2013, every company other than a one person company or OPC shall in each year hold in addition to any other … [Read more...] about When and where to conduct annual general meeting or AGM – Companies act 2013
How to convert a public limited company to private limited company – Companies Act 2013
Section 13 and 14 of Companies act 2013 and rule 33 of companies (incorporation) rules 2014 deals with provisions relating to conversion of public limited company to private limited company. Section 13 and section 14 requires the public company to pass special resolution to obtain shareholder’s approval in a general meeting. Further, section 14(1) of Companies act 2013, … [Read more...] about How to convert a public limited company to private limited company – Companies Act 2013
Why to File declaration prior to commencement of business – Form INC21
Note: Section 11 has been removed from the Companies Act 2013 with the new Companies (Amendment) Act, 2015. Due to this amendment, commencement of business certificate will not be required with effect from 29th May 2015 and INC21 for this purpose is not required to be filed with ROC. Here is the earlier provision which required filing of INC-21 which is not required … [Read more...] about Why to File declaration prior to commencement of business – Form INC21
How to change company name as per companies act 2013 – 5 easy steps
There can be many reasons to change a company name such as change in ownership, diversification of main business activities or entered to a new geography. Whatever may be the reason for change in company name, if you are interested to change then consider these simple suggestions and steps. Determination of Company’s New Name This is the first step towards change in company … [Read more...] about How to change company name as per companies act 2013 – 5 easy steps