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One person company functions on the principles of a company but is generally managed by one primary person. It has to be registered under the Companies Act of 2013. The member of such a company is one person, however, it can have multiple investors, shareholders, creditors or employees. Some of the benefits as well as features of OPC can be listed as follows- ·          Ease of incorporation The OPC can be incorporated by any person born in India, who is not regarded as foreign. Such a person will need approvals from the Registrar of Companies with respect to naming and other formalities. Following which, registration fees have to paid, e-forms to be uploaded, and the incorporation certificate is received. ·          Ease of compliance Annual Compliance for OPC is similar to a company, however, it is slightly simpler. The packages for one person compliance are about 1/3 rd times cheaper than ...

One Person Company and Limited liability partnership are two of the most common business entities that prevail in India. Both of them have a set of rules and compliances that need to be followed in order to run the business smoothly without any worries and legal matters. There are many major differences in the Annual compliance for OPC and that of an LLP. Here, we will discuss the end to end compliances that are required for both the entities along with various regulations and laws required to govern them One Person Company The OPCs work according to the Companies Act, 2013 and all the associated rules. Starting from maintaining the accounts books to the composition of annual financial statements and getting various events approved for the company by conducting general meetings and board meetings are some of the major Annual compliances for OPC . Limited Liability Partnership Similar to OPC, there are important Annual compliances for LLP as well that a company...

The beginning of the Companies Act, 2013 brought ahead much yearly compliance. There are a few modifications perceived in the annual compliances following the introduction of Companies Act 2013. These are as follows: It should be noted that One Person Company compliances vary from one industry to another. It is diverse in case of  One Person Company . 1.      Currently, annual return is prepared in MGT-7 format. Though, prior to this change, annual returns were prepared in e-form. However, the new format is quite a extensive process and as per as Schedule V, demands more details. 2.      The next change is observed in the creation of director’s report. The new clauses have included further details such as the amount of board meetings the directors were present, admission of sexual harassment act, board meeting dates, which takes place throughout the financial years and more. 3.      There is a obligatory...