LegalWizin's blog

OPC- a One Person Company, the name suggests that it is a company of one person. Hence in an OPC there cannot be more than one shareholder. However, there can be more than one director to manage the company. It is new concept given by Companies Act, 2013 to empower a single person to run a corporate business.

If one has to add a shareholder for the investment in an OPC then it must be converted into a private limited company. But there is a lock in period of 2 years for voluntary conversion of OPC into a private limited company.​

Every business whether small scale or large scale must be registered with the government. The following are some of the benefits.

It is always better to use original and coined names when you are registering a new trademark. It gives the assurance of a seamless registration process and it would prevent any unwanted infringement cases against you. Sometimes using famous trademarks as a prefix or suffix can end up in expensive lawsuits. And as it is for a domain the chances of someone filing an infringement case are higher.

A person can open a current account in foreign countries in following cases.

​1) A student who has gone abroad for studies. All the credits to the account from India should be made in according to FEMA law.

2) An Indian resident who is on a visit to a foreign country for the period of stay abroad. The balance amount must be repatriated to India on return of the account holder to India.

3) A person going abroad for an exhibition/ trade fair for crediting the sale of goods. The balance must be repatriated to India within one month from the date of closure of the fair.

To start a business of Import Export following steps must be taken.

• Registration of firm (Proprietorship/Partnership/LLP/Company)

• Take Import Export Code registration

• Take other registration as applicable such as GST, Shop & Establishment, MSME, etc

• Start your business

Also read advantages of import export code for businesses.

The Proprietorship firm must be converted into Partnership firm. Hence a partnership firm is to be registered with Registrar of Firms. Following points must be considered to start a partnership firm.

Yes, GST return filings are mandatory. If there are no transactions then also one has to file nil return with the GST department. If returns are not filed, then Ministry will charge penalties per day. So to avoid it filing of returns are necessary.

It is mandatory to file GST returns after registration. If there are no transactions then also NIL return has to be filed within the due date. GSTR-3B has to be filed on or before every month. GSTR-1

To know more about return filing of GST read Goods and Service Tax – Return filing requirements

An LLP is a separate legal entity hence it can become a member in a company. To become a shareholder of a company an LLP has to pass a resolution and appoint a partner as an authorized representative of an LLP. It can be subscriber to MOA of the company or it can also become a member later on.

Public company means a company which can offer its shares to the public. It is also known as public ally held company. The advantages of a public limited company are as under.

• Availability of more capital

• Risk is shared among public

• The shares can be easily transferred

• Public company has more goodwill than other type of company

• It can easily grow in the market