Overview of Close One Person Company
Closing of One Person Company is either voluntary or by the tribunal. Any One Person Company. Which has been inoperative for more than a year from its date of incorporation. Can apply for the closing of the Company.
It is necessary to file a closing application with the Registrar as it needs to be updated. The Company is free from all legal compliances and officially closed.
The definition of a One Person Company is explained in Sub Section 62 of section 3 of the Companies Act, 2013, which states: “One Person Company means a company which features only one Member.” Therefore, unlike a Private Limited Company, this single company registration of a single owner doesn’t need a minimum of two directors. However, like a private li limited company, the online One Person Company Registration in India does provide you with Limited Liability.
Eligibility criteria for Close One Person Company in India
Closing of One Person Company is either voluntary or by the tribunal. Any One Person Company. Which has been inoperative for more than a year from its date of incorporation. Can apply for the closing of the Company. It is necessary to file a closing application with the Registrar as it needs to be updated. And the Company is free from all legal compliances and officially closed.
Documents required to Close One Person Company
The following documents are to be submitted to close a One Person Company.
- Application for Striking off of the One Person Company: The Company that wishes to close must file a closing application with the Registrar.
- Board Resolution for closure: The One Person Company must submit the resolution of closing approved by the board members.
- Consent of Directors: A letter of consent from the Directors stating their opinion to close the One Person Company must be submitted.
- Director’s Affidavit
- Indemnity Bond
- Statement of Assets and Liabilities: A financial statement indicating the sale of assets and cleared debts must be submitted.
FAQs About Close One Person Company?
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