An OPC or One Person Company Iman Marshall Youth Jersey , when reaches a certain threshold in annual turnover, can be mandatorily turned into a private limited company. However, this matter has a factor of luck involved. Therefore Ben Powers Youth Jersey , through this article, we shall tell you how to convert your OPC into a private or a public company in both a voluntary and a mandatory manner.
Types of conversion
There are two types of conversion when it comes to One Person Company. These are:
1. Voluntary Conversion: Where you voluntarily convert your company into a private limited company. The conditions for this conversion are:
a. The paid up share capital should be more than INR 50 Lakhs
b. The Annual turnover on an average should exceed INR 2 Crores.
c. The form to be filled here is INC 5
d. There should be 2 directors and 2 members at minimum
2. Mandatory Conversion: Where you need to upgrade your company when you cross a certain threshold. The conditions that makes it mandatory to convert the company are as follows:
a. The paid up share capital should be more than INR 50 Lakhs
b. The Annual turnover on an average should exceed INR 2 Crores.
The process of conversion
The process of conversion from OPC to private limited company is the following:
1. Tell the Registrar of companies that you want to convert: Use the method prescribed to tell the ROC that your intentions are to convert your OPC into a private limited company.

2. Pass the conversion in board resolution: Convene a general meeting with all the members and the directors and pass the directive that you need convert the OPC into a private limited company. Once the resolution passes, you are allowed to make necessary modifications in the MOA and the AOA.

3. Apply for conversion to the registrar of companies: File the application for company conversion and attach the newly modified and certified MOA and AOA with it. This process needs to take place within 15 days of passing the resolution from the board.
If the Registrar accepts the application Justice Hill Youth Jersey , and there are no issues with it, your OPC shall be converted into a Private limited company without any issue.
The process of conversion from OPC to Public limited company
The process of conversion of an OPC into a public limited company is pretty much the same as above. However, there are key considerations that must be kept in mind:
1. OPC should be in function for atleast 2 years
2. 鈥減rivate鈥?has to be excluded from the name
3. Increasing the number of directors and members should be done as hte methods prescribed
4. The AoA should remove the restrictions that are applicable in a private company.
5. The company should not default when it comes to submitting financial statements for time.
6. The company should not default when it comes to submitting matured deposits or debentures on time.
Conclusion
While a One Person Company has its positive points Miles Boykin Youth Jersey , there are certain conditions that can lead you into modifying it into a private or a public company. The steps provided here are not to be conducted by a layman. Therefore, make sure that you have access to a Chartered Accountant or a Company Secretary to aid you through this process.
More About the Author

My name is Shreya Mittal. I am a commerce graduate turned into a literature buff. Currently i am working as a content designer with Registrationwala and exploring the legal aspects of business. Being a student with commerce background i posses鈥?deep interest and knowledge in Business laws and management related aspects. Through my well researched content i strive to keep the people updated about the legal aspects of their business.

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