An Overview of One-Person Company Registration
An OPC is a business structure that enjoys the benefits of both forms of business, i.e., a sole proprietorship and a company. Thus, it eliminates the hassles of finding the right kind of co-partner/s for starting a business as a registered entity.
One Person Company is bringing the unstructured Proprietorship Business into the structured version of a private company. OPC is opening the path for sole proprietors and start-ups.
According to Section 3(1)(c) of the Companies Act, 2013, the OPC can be formed for any lawful purpose by an individual. Section 2(62) states that the “One Person Company is a company which has only one person as a member”.
One Person Company is conceded as a private company. It is a company with one director and one shareholder only. An individual can now avail the benefit of limited liability doing sole proprietorship. The One Person Company is an example of vital growth in the corporate sector of our country.