Sanjiv (business) (27 Points)
18 June 2019I am individual business person. I want to start "one person company" but if turnover increases beyond 2 crore, I have to register private limited. But if I don't have business partner how can I register private limited alone? Then what is the solution?
Also even in one person company whom do I put as nominee? If I die, nominee has to take over company. But I don't have any such person to take that responsibility.
What can I do?
Yogesh Dave
(141 Points)
Replied 18 June 2019
Shrijay Sheth
(Co-Founder)
(2692 Points)
Replied 20 June 2019
Yes, it is mandatory to convert an OPC to a Private Limited Company if the turnover of the company crosses the limit of Rs. 2 crore. So if your statistics shows that such limit will be crossed in a short time period, then you must start a private limited company only. If you do not have any business partner then you can start a company with one of your family members.
In an OPC, you can appoint any person as your nominee at the time of incorporation and later on you can also change the nominee.
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