Being the sole proprietor is the most convenient way of conducting the business. By converting the sole proprietorship into One Person Company, it is shifting the same business model into an improved legal structure. In the One Person Company, there is only 1 person holding the control of the company, yet, his liability is limited with respect to the company.
Benefits of conversion from Proprietorship to One Person Company
Documents required for Conversion
Self-attested copy of PAN Card of the Shareholder and Nominee. In case of Foreign nationals, a valid passport is required.
Self-attested copy of Identity proof of the Shareholder and Nomines (Aadhar card, Driving Licence, Voter ID, Passport)
Self-attested copy of Address proof of the Shareholder and Nominee (Latest electricity bill / telephone bill / bank statements)
Latest photographs of Shareholder and Nominee.
Address proof of Registered business premises (Latest electricity bill / telephone bill)
Rent agreement in case the premises is leased or rented.
NOC from the owner of the property.