Evolve your proprietorship and tap on to the OPC advantage
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Convert Proprietorship to OPC
One person company is an improved and better sort of a sole proprietorship firm. One person companies are an excellent business structure for medium-sized businesses. One person company may be an improved and better sort of a sole proprietorship firm and thus conversion of sole proprietorship into One Person Company is a good business decision. This business structure gives the only promoter full control over the corporate and at an equivalent time limiting his liabilities to safeguard his personal assets. The owner of this company may be a shareholder. almost like Private Company, OPC can also appoint a definite individual as director for its management. The appointment of a nominee is mandatory just in case of OPC.
Benefits of OPC over sole proprietorship
- Separate Legal Entity hence limited liability: Protection of the company’s personal assets assures that the owner has indebtedness to the extent of his/her own share.
- Opens better business avenue’s: Large organizations like better to affect OPC rather than proprietorship firms. OPC is registered a bit like a personal company and personal companies are the trusted sort of business which makes it easy for them to urge funding from the financial institutions. It gives suppliers and customers a way of confidence within the business.
- An easy to manage structure: The structure of OPC is manageable as there’s just one member. there’s no requirement to carry an annual or added ordinary general meeting. there’s no requirement to attend for anyone’s approval as there’s just one that is that the single authority to form decisions.
- Organized Structure: The OPC gives the corporate structure almost like a personal Ltd. and hence make it organized with the advantage of indebtedness. A sole proprietorship doesn’t provide an organized structure.