The Legal and the Usual Procedures of Shut Down of One Person Company
There are many company owners and business individuals who have registered for the kind of OPC and they have in mind some of the most common questions. They need to know how to close one Person Company and this is going to make the job easy. The one-person company or the OPC is the most vital milestone according to the Company act of 2013. It is the concept to help the owners in business and the solo founders have a quick registration of the companies without the obligation to gather the excess partners. This is something to help the business function as the individual legal body and it is time to offer most of the benefits to the company.
You have the prescribed process for the company closure and you must follow the stricture strictly for the right closing down for the one-man company. It is time that you follow the procedures for the Closure of OPC and things should be done officially and legally. Even in the inoperative state, the OPC is mandatorily required to file all the regulatory measures and the compliances along with the regular and the punctual returns. The process of One Person Company Closure is not easy and we at Accounting4you will tell you how to do it right following the norms.
At the time of closing down the company, it is important to file the closing documents with the specific ROC. In most cases, the OPC is made free from the regulatory and legal compliance point of view. In the end, the company is declared to be closed and there is the compulsory necessity of updating the MCA and the ROC databases and this has relation to the closing of the OPC. The one-person company or the OPC may be wound up in a voluntary way using the Tribunal. It may be so that the OPC has been inoperative on regular basis for the past year and because of its dead condition it is considered to be a closed chapter.
When the company remains inoperative for a longer time you can easily apply for a Close one person Company Online with the set of attributes. You can apply for the closure under the Fast Track Exit or the FTE scheme as part of the MCA. You can browse online and avail of useful and informative data regarding the method of closing the OPC. It should come with all the essential documents for the reason within India. There are ways you can follow in Winding up One Person Company. However, it is important to keep in mind that the winding up of the OPC is different from the changing of the same to the public or the private limited company. This can happen at any point in time when there is an excess of paid-up capital especially when it is over INR 50 lac. Or it can even be the average and the annual turnover of the three mandatory proceedings in the consecutive financial years and this has in time become more than two cores. With all things in place, it becomes easy to Shut Down OPC with the least hassles and problems to handle.