This type of business is run by a single owner. The owner takes hold over all the decisions and the control of the business. It has a separate entity from the member. The One person company have to nominate a member in the company as the second director in the MOA/AOA so that in the absence of the main director the nominated director can look after it.
Requirements for closing One Person Company
There can be two ways for one person company to be closed and they are either voluntary or by tribunal. If in case a one person company is not active from the date of incorporation, shall be able to apply for the closing of the Company. It is very necessary to file the closing to the registrar as it is updates that the company is free from the legal compliances and officially closed. The filing of the application to the Registrar should be done within 30 days of signing the agreement of assets and liabilities.
Procedure for One Person Company Closure
QusIs there any need of filing the application with the ROC while closing the company?
AnsYes, it is necessary for the filing of Application with the ROC while closing the company.
QusWhat is the time limit to file an application with ROC while closing the company?
AnsThe time limit is 30 days.