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One Person Company (OPC) is a new type of business structure in India, introduced through the Companies Act, 2013. One Person Company is a hybrid between a Private Limited Company and Proprietorship, providing a single entrepreneur with a host of features only available for an association of people.
Private limited company is a voluntary association of not less than two and not more than 200 members / shareholders, whose liability is limited, the transfer of whose shares is limited to its members.
A Public Limited Company is a Company limited by shares in which there is no restrictions on the maximum number of shareholders. It can solicit deposits and can issue shares or debenture to public. Its shares or debentures to Public and can make or accept deposits from Public and there are no restrictions on the transfer of shares. The liability of each shareholder is limited to the extent of the amount of shares subscribed. However, the liability of a Director / Manager of such a Company can at times be unlimited.
A company being a legal entity must have a name of its own to establish its Separate identity. The name of the company is a symbol of its independent corporate existence. The first clause in the Memorandum of Association of the company states the name by which a company is known. The company may adopt any suitable name provided it is not undesirable.
FSSAI is Associate in Nursing autonomous body established underneath the Ministry of Health & Family Welfare, Government of India.
There are various kinds of audit being conducted under different laws such as company audit/statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, Income tax law also mandates an audit called ‘Tax Audit’.
As per section 138 of Indian Companies Act 2013 read with Rule 13 Of Companies (Accounts) Rules 2014, certain classes of companies are required to appoint Internal Auditors.
Under Provident Fund (PF) Employer and Employee has to pay certain amount.PF return must be filed every month by all entities having PF registration.
Employee’s State Insurance (ESIC) provides benefits to employees, ESIC registration is a responsibility of the employers or any establishment under the act.
"One Person Company (OPC) is a new type of business structure in India, introduced through the Companies Act, 2013.OPC has lesser burden ideal for business"
