Closing an One Person Company
Closing an OPC can be expedited if the directors are guided through the complex steps.
Since a company has its own separate existence, meeting regulatory compliances and existing apart from its directors and shareholders, it also has its own method of ceasing to exist, rather than an inoperative company simply ceasing to exist. When a company is run by a sole owner with the benefit of limited liability, it operates as a One Person Company, a separate legal entity from its members, thus offering protection to its shareholders & the person in charge. If an OPC has been inoperative for more than a year from its date of incorporation, it can apply for its closing.
Requirements for closing an OPC are tedious procedural steps, so leave the work of figuring them out to our experts by signing up for our OPC Closure service today, so that you can focus on life ahead of your earlier OPC!
Why Close your OPC?
OPCs are generally closed for the following reasons -
- Only the director of an officially closed OPC is no longer bound to the regulatory compliances required for the same;
- Closing is a simple procedure for inoperative OPCs and a required step in order to extinguish any liabilities;