Description

Goyal Mangal and Company

Goyal Mangal and Company, a Chartered Accountant firm, founded in 2011, by CA Pulkit Goyal with the enthusiasm of providing the best consultancy and proficiency.

Goyal Mangal and Company is a dedicated firm striving to add value to the business of its clients. The Goyal Mangal and Company firm has evolved over the time and has a specialization in the field of Direct and Indirect Taxation, Audits, Startup Recognitions, Company Formations, Tax litigation, Business Restructuring, Corporate and Individual Tax Planning, Company Law matters across a range of different sectors.

The Goyal Mangal and Company firm is having its Registered Office in Jaipur, Rajasthan with a handful strength of expert professionals and consultants in the respective fields to provide its clients with end to end solution.

Our vast base of clients are associated with us due to our professional ethics, quality service, core competency, and clients relationships.

Goyal Mangal and Company provides professional and research based business solutions through a team of high caliber & ethical individuals.

Goyal Mangal and Company

Prism Lead India provides best charatered accountants in Bangalore at affordable price.

Goyal Mangal and Company strives to be the leaders in the industry through our creativity and vision, our ability to see the endless opportunities, our abilities to determine the unsolved and our ability to adopt & accept changes. We believe in “The way to get started is to quit talking and begin doing”.

According to Section 2(62) of Companies Act, a one-person company is a business entity which has only one individual as its member. Moreover, the company’s members are nothing but either the subscribers to the company’s MOA (memorandum of association) or its shareholders.

Therefore, an OPC can be defined as a company which has a single shareholder as its member.

One Person Company (OPC) registration is a new concept that surpasses the limitations of resources, time and mediums to get more partners for the execution of business plans and enables us to promote the incorporation of micro-businesses & accomplish our entrepreneurial dreams.

OPC can also be considered as the combination of Company and Sole proprietorship. OPC can be registered as a one-person company under Section 2(62) of the Companies Act, 2013 and the rules thereto.

Goyal Mangal and Company

The absence of complexities that comes with multiple partners, motivates many people to incorporate an OPC to start their business. Besides, Limited Liability also bolsters the incorporation of OPCs.

  • Limited Liability
    Company’s member holds liability to the limit of his share in the company. In an OPC, one person has the complete share and entire authority over the business’s operations. Therefore, the liability of the person is limited to the investment made by him/her.
  • Independent Existence
    One Person Company has a separate legal entity and independent existence.
  • Less Tax Burden
    In OPC, you can receive remuneration as a director and rent as a lessor. Also, as a creditor, you can advance funds to your commercial entity and earn interest. Rent, Directors’ remuneration and interest are deductible expenses which reduce the profitability of the Company and thus reduces the taxable income of the business entity.
  • Quicker Actions
    OPC is entirely ruled and managed by one owner which results in fast decision making and quicker actions.
  • No requirement of minimum capital contribution
  • Compulsory Audit is required only when the Contribution exceeds 25 lakhs or the Annual Turnover exceeds 40 Lakhs

Person Incorporating an OPC & Nominee of Such OPC Shall Be –

  • Natural Person; &
  • Indian Citizen; &
  • Resident of India

Note– Here A Person Is To Be Called Resident Of India If He Has Stayed In India For A Period Of Not Less Than 182 Days During Immediately Preceding One Calendar Year.

  • No Person Shall Be Eligible To Incorporate More Than One OPC.
  • No Person Shall Be Eligible To Become Nominee In More Than One Such Company (OPC).
  • If A Person Is Already A Member In An OPC, And After This, He Becomes A Member In Another OPC Under His Being A Nominee In That OPC; Then He Shall Make Arrangements Within A Period Of 180 Days For Fulfilling The Condition As Referred In Abovementioned Point No. 2.

An OPC can be started with a minimum Authorized Capital of Rs. 1 lakh. There is no mandatory requirement for a minimum paid-up capital. Hence, you can start as an OPC with a capital contribution as low as Rs. 2.

However, when the paid-up capital exceeds Rs. 50 lakh, OPC must mandatorily convert to a Private Limited Company.

Also, when the average turnover for 3 consecutive years becomes Rs. 2 crores or more, there is a need to convert into a Private Limited Company.

Such a company cannot be incorporated or converted into a Company under Section 8 of the Act.

Such Company cannot carry out non-banking financial investment activities including investment in securities of any Body Corporate.
No such company can convert voluntarily into any kind of company unless two years is expired from the date of incorporation of one person company, except the threshold limit (Paid Up Share Capital) is increased beyond fifty lakh rupees or its average annual turnover during the relevant period exceeds Two Crore Rupees.

Compulsory Conversion of OPC into Private or Public Company: –OPC Shall be required to convert itself, either into a Private

Company or a Public Company as per provisions of this Act, within a period of 6 months from the date:-

On which it’s paid-up share capital has been increased beyond 50 Lakhs Rupees; or

On the last day of the relevant period during which it’s average annual turnover exceeds 2 Crore Rupees;

Note: – “Relevant Period” Means A Period of Immediately 3 Preceding Consecutive Financial Years.

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