Winding Up of OPC
One Person Company is a business entity run by a sole owner with the benefit of limited liability. One Person Company is a separate legal entity from its members, offering protection to its shareholders.
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 closing of the Company. It is necessary to file closing application with the Registrar as it needs to be updated and the Company is free from all legal compliances and officially closed.
The following documents are to be submitted to close a One Person Company.
- Board Resolution for closure
- Consent of Director
- Director's Affidavit
- Indemnity Bond
- Statement of Assets and Liabilities
The application must be filed with the Registrar within 30 days of signing the statement of assets and liabilities