Difference between OPC and LLP Advantages of OPC Registration in Cochin?

LLP Registration

• LLP is a fused partnership formed and registered under the Limited Liability Partnership Act, 2008.

• LLP is an elective business vehicle that gives the advantages of Limited Liability Company and adaptability of a partnership firm.

• LLP contains components of both ‘a corporate design’ just as ‘partnership firm construction’; it is numerous multiple times named as a half and half of a company and a partnership.

• LLP is a different legitimate substance which can proceed with its presence regardless of changes in its accomplices.

• LLP is valuable for little and medium endeavours, by and large, and for the ventures in administrations area, specifically, Owing to adaptability in its construction and activity.

• LLP is additionally entirely appropriate for experts like company secretaries, contracted bookkeepers, cost bookkeepers, advocates and so forth as it assists them with forming multi-disciplinary limited liability partnership firms.

OPC Registration

• Section 2(62) of the Companies Act, 2013 characterize “one person company” as a company which has just a single person as part. OPC is a kind of Private Company according to Section 2(68) and Section 3(1) (c).

• Rule 3 of the Companies (Incorporation) Rules 2014 say, just a characteristic person who is an Indian resident and inhabitant in India:-

• Will be qualified to join a One Person Company;

• Will be a chosen one for the sole individual from a One Person Company.

• Occupant in India implies a person who has remained in India for a time of at the very least one hundred and 82 days during the immediately going before one schedule year.

• A person can join just “One Person Company”, anytime of time and the said person will not be a chosen one of in excess of a OPC registration in Cochin.

Difference Point	LLP	OPC
Applicable Law	Limited Liability Partnership Act,2008	Companies Act,2013
Legal Identity	LLP has a separate legal entity, separate legal existence that means limited liability of partners.	OPC has a district legal entity There is only one person, Director.
Members	Minimum –Two Maximum-   No limit	Only One Person
Directors	Two Designated Partners (of which one should be resident of India)	Minimum –One Maximum-  15
Share Capital	No minimum requirement	No minimum requirement, but if capital exceeds 50 lakh , OPC gets converted into Private Limited
Transferability	Ownership can be transferred	Ownership can be transferred to the nominee appointed in case of the director’s death or in capacity to contract.
Liability	Limited	Limited
Meeting of Board	Not Necessary	One meeting in each half year and gap of at least 90 days between the two meeting
Statutory Audit	Unless partner’s contribution exceeds 25 lakhs or annual turnover exceeds 40 lakhs	Compulsory
Annual Filing	Annual accounts and Annual returns to be filed with ROC	Financial Statements and Annual returns to be filed with the ROC
Nominee	Not required	One Nominee is required
Distribution of Profit	Profit is exempt in the hands of Partners No tax is to be paid on the distribution of profit by the LLP	Profit is exempt in the hands of Partners OPC Private Company has to pay dividend distribution tax on dividend.
Name	End with LLP	End with OPC (Pvt. Ltd.)
Dissolution	LLP liquidator is appointed to file the copy of the order to Tribunal with the registrar for LLP’s winding up	Where the individual shareholder is not active and NOC is to be obtained from the creditors before winding up of OPC

OPC:

As per Section 2(62) of the Companies Act, 2013[1], OPC implies a company comprising of just a single person as an elite part. As a general rule, it is a company registered and kept up with by a solitary person. Business visionary’s favour this kind of company over Sole ownership with the goal that they can duplicate their company to beat the intricacy looked in the sole ownership firm registration.

The advantages of OPC are as per the following-

Advantages of being Small Scale Industries

OPC Registration in Cochin can encounter different advantages gave to Small Scale Industries (SSI) like simple subsidizing from bank and any wellbeing to a particular breaking point, a lower financing cost on credits, and OPC can likewise have different advantages under Foreign Trade strategy and other related approaches.

Single Owner

Single proprietor is useful as looked at in having more than one proprietor. It is profoundly ideal in settling on a fast choice, overseeing business with practically no obstruction, or any ideas from other person. The feeling of having a place rouses to develop the business.

Credit score

OPC with a terrible credit assessment can in any case apply for the advance. The credit assessment of OPC Registration in Cochin isn’t material assuming the score of OPC is as indicated by the standards.

Gotten Interest rate on any Late Payment

OPC can partake in every one of the advantages under Enterprises Development Act, 2006 as the recently joined OPC is Micro, Small, or Medium which are covered under the previously mentioned act. As indicated by this, in the event that the purchaser or venders gets any late installment, they are qualified for get loan fee which is multiple times the pace of bank.

Expansion in Trust and status

Any business which runs as the company generally partakes in an expanded trust and status.

Simple Funding

Assuming a company is a private limited company; OPC registration in Cochin can raise supports utilizing funding, private backers, monetary foundations and so forth Any OPC can raise supports along these lines graduating itself to a privately owned business.

Limited Liability

One of the advantages of OPC is that it has more possibilities, has limited liability since the liability of the One Person Company is limited to the degree of the worth of the offer, and the individual can face more challenge in business without upsetting or experiencing the deficiency of any personal resources. It is a kind of consolation to new, youthful and inventive business new companies.

Conclusion

The proprietor is solely the main power of OPC. Enrolling this sort of company offers an incredible number of advantages of OPC. An OPC must be registered as a Private Limited Company Registration in Bangalore. Every one of the arrangements that applies to a privately owned business will exist on OPC except if it is avoided in the concerned Act or rules.