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Yes, the sole member of the OPC has to mandatorily elect a nominee at the time of registration of the company. The consent of the nominee is taken in Form INC-3.
A nominee is a person who shall, in the event of the Death of a member or his incapacity to enter into a contract, become a member of OPC.
A nominee may at any time withdraw his consent, by giving notice to member and OPC as well.
No, a person can be a member of only one OPC at any given time. However, a member of an OPC is not forbidden from becoming a member of any other private company. Member of OPC can also be appointed as a Nominee of any other OPC
The most remarkable difference between both is that a sole proprietorship forces unlimited liability on its member, whereas in the case of an OPC the member has limited liability. A sole proprietorship is not given the status of a separate legal entity like that of an OPC. Also, an OPC has a perpetual existence, unlike a sole proprietorship that gets dissolved on the death or the retirement of its members.
A citizen of a foreign country, a minor, a NRI and any person who does not have the capacity to enter into contractual obligations is not eligible to become a member of an OPC.
Yes, One Personal company may be converted into a Private or Public Company, after increasing the minimum number of members to two or seven members and directors to two or three directors, as the case may be.
It will take 10-15 working days to incorporate a company if you have all the required documents/information in order.
OPC cannot carry on NBFC-related activities.
OPC cannot acquire/invest in securities in its own name in another body corporate however members can invest in the shares of other body corporate.
OPC cannot issue or allot shares to anyone except its member.
a) Cash Flow Statement is not required to be prepared as a part of their Financial Statement.
b) OPC can have only one Director on the Board. Board Resolution can be passed by entering it into a minute book, which shall be signed and dated by the Director and such date deemed to be a meeting of the Board of Directors.
c) Provision of section 98 and sections 100 to 111 (both inclusive) does not apply to OPC.
d) Resolution, either Special Resolution or Ordinary Resolution, can be passed simply by the member by communicating the resolution to the company and by entering it into the minute book, which shall be signed and dated by the sole member.
e) Financial statement of OPC is required to be signed by one Director only.
f) Abridged list of content for OPC and small companies. (MCA vides its notification dated 31, July 2018, has brought Companies (Accounts) Amendment Rules, 2018 and inserted Rule 8A to Companies (Accounts) Rules 2014.)
g) Unlike other companies, at least one Board Meeting is required to conduct in each half calendar year, however, the gap between two meetings should not be less than 90 Days (If there is two or more two Director on the Board)