|
|
|
|
|
|
|
| Topics >> by >> what_makes_a_single_firm_an |
| what_makes_a_single_firm_an Photos Topic maintained by (see all topics) |
||
 Companies Act 2013, which introduced the revolutionary concept of One Person Company (OPC) It has enabled to establish a new kind of company. In 2005 the Dr. JJ Tehrani's expert committee suggested OPC. book my gst offers a brand new avenue of opportunities for people looking to create their own businesses with a structured structure. OPC will provide the young businessman with all the benefits of a private limited company. This is a way to access bank loans, credit with a limited liability, as well as legal protection of their company. While the concept behind OPC is new to India however it has been a very successful form of business in UK as well as other European countries since a very long time ago. The background of One Person Company (OPC) In 2013, the Parliament ratified the New Companies Act 2013. Some of the provisions of New Company's Act 2013 came into force on September 20, 2013 while the majority were in force on 1st April 2014. New concepts have been introduced into the Indian Corporate Legal System by the Companies Act, 2013. These new concepts were not included in the 1956 Old Companies Act. Bookmygst is an excellent platform to look for gst for proprietorship firm. Benefits of OPC: OPC is a new concept. It offers entrepreneurs on their own all the advantages of a corporation and that means they be able to access bank loans, credit, and access to the market with a limited liability, as well as legal protection available to companies. Before the new law came in effect, at most two shareholders were needed to get a business established. OPC can open up a lot of opportunities for small businesses and traders, such as those who work in handicrafts, pottery or any other related areas. In the past, they worked as artisans on their own, which means they were not an official legal entity like an organization. The OPC allows them to manage their own company and establish an official structure. An OPC will also help you file returns, balance sheets and audits more easily. At Bookmygst you will discover proprietorship registration in Bangalore. Comparative Inter-Country Analysis The concept of One Person Company is a new concept in India, but this concept is already in use and being used successfully in other countries , including China, Singapore, France and U.S.A. Through its decision in Saloman & Saloman Co Ltd, Great Britain was the first country to accept this concept. It was in the year 1925 that Britain gave statutory status to the concept within their country. The concept was adopted by a variety of nations including. OPC within their own corporate law. However, the structure and prerequisites to incorporate OPC can differ from countries to countries where they are incorporated, but the main motive behind is the same: of encouraging entrepreneurship and speeding up the development of their economy. |
||
|
||