If you want to start your own business but keep it as a separate legal entity you can opt to register your company as an OPC or one-person company. As an OPC you will have limited liability protection, which means you and your company are two separate legal entities and you are not directly liable for any debts of the company. Limited liability offers excellent protection to a risk-averse person.
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OPC is a company which has only one person as a member or shareholder. It's a great way to start a business if you are the sole promoter or founder of the company. Many Entrepreneurs especially owners with businesses in an early stage, choose to create an OPC instead of a sole proprietorship because of the advantages it offers.
If you want to create an OPC, you will have to adhere to the Companies Act, 2013 and fulfil all the requirements prescribed by the act. It includes subscribing your name to the memorandum of association and stating details of a nominee. You will need to file the memorandum and the consent of the nominee along with a registration application to the Registrar of Companies.