Private Limited to One Person Company (OPC)
Private Limited Company is a type of Company which is held privately/closely by a small group of individuals. Under Companies Act, 2013, the Conversion of one class of Companies to another class is provided. Due to unavoidable compliances to be followed, the Private Limited Company considers for Conversion into One Person Company (OPC).
The conversion of Private Limited Company to OPC would not affect the responsibilities and contractual obligations of the Company before conversion, and such claims, liabilities, obligations shall be enforceable by law, and the resulting OPC shall be liable for them.
Benefits of conversion from Private Company to OPC –
- Limits Director’s Liability
- Independent Existence
- Continuous Existence
- Fewer Compliances
- Tax Flexibility & Savings
- Complete Control of The Company with the Single Owner