DIFFERENCES opc and sole prop

DIFFERENCES ONE PERSON COMPANY PROPRIETORSHIP
GOVERNING LAW One Person Company governed by the Companies Act, 2013. Sole Proprietorship is not governed under any specific act.
REGISTRATION It is mandatory to register an one person company under Companies Act, 2013. It is optional to register to a proprietorship.
LEGAL STATUS One person company is considered as a separate legal entity. Proprietorship is not considered as a separate legal entity.
MEMBERS LIABILITY Members liability is limited to the extent of share capital. Members liability is unlimited.
NUMBER OF MEMBER Minimum and maximum number of members in OPC is one. Minimum and maximum number of members in proprietorship is one.
TAXATION Tax rate is 30% on profits plus cess and surcharge Taxed as an individual
MINIMUM PAID-UP CAPITAL Minimum paid up capital of Rs. 100000 is required to form One Person Company. There is no such requirement of minimum paid up capital in case of sole proprietorship
TRANSFERABILITY OF SHARES Shares can be transfer by altering the MOA (Memorandum of Association). Shares cannot transfer; it can only be transfer by way of inheritance after the death of the owner.
NUMBER OF DIRECTORS Minimum one director and maximum 15 are allowed to be appointed in an one person company. No guidelines are provided for the number of directors required to be appointed.

2,25,910 companies under scanner of MCA for not filing returns for Year 2015-16 & 2-16-17

2,25,910 companies under scanner of MCA for not filing returns for Year 2015-16 & 2-16-17 Posted On: 03 AUG 2018 4:54PM by PIB Delhi

Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of the Act on the basis of non- filing of due returns for the financial Year 2015-16 & 2016-17. Due procedure shall be followed by ROCs before striking off names of companies.

Shri Chaudhary further said that during 2017-18 the Registrars of Companies (ROCs) had identified 2.97 lakh companies which were not filing their Financial Statements or Annual Returns for a continuous period of two or more financial years and, prima facie, either were not conducting any business or were not in operation. Out of such identified companies, Registrars of Companies (ROCs) removed the names of 2,26,166 such companies from the register of companies by following the due process under Section 248 of the Companies Act, 2013. Further, the Central Government has ordered investigation into the true ownership of 68 number of companies under section 216 read with section 210(1) (c) of the Act, which have deposited and withdrawn fund in an exception manner from the bank accounts during demonetization period.

This was stated by Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary in Lok Sabha today.

******

**** DSM/RM/KMN

FILE YOUR INCOME TAX RETURN - Start from Rs 499 *

Company Registration & GST Registration

Company Registration & GST Registration