The company's act 2013 provides for incorporation of a new type of entity called one person company (OPC) which would encourage the promotion of individual businessman and micro businesses. OPC is one shareholder corporate entity where liability is limited to the company only. The shareholder of such OPC should be an Indian citizen.
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The concept of One Person Company is quite revolutionary. It gives the individual entrepreneurs all the benefits of a company, which means they will get credit, bank loans, access to the market, limited liability, and legal protection available to companies by acquiring the legal status and perpetuity.
Before the Companies Act, 2013 came into effect, at least two shareholders were required to start a company. But now the concept of One Person Company would provide tremendous opportunities for small businessmen and traders, including those working in areas like handloom, handicrafts, and pottery. Earlier they were working as artisans and weavers on their own, so they did not have a legal entity of a company. But now an OPC form of organization would help them do business as an enterprise and allow them to start their ventures with a formal business structure.
The shareholder of OPC will appoint a nominee in an OPC, who will become a member of such OPC in case of death or incapacity of the original shareholder. The details of such nominees have to be provided while incorporating an OPC.
The formation of One Person Company (OPC) has recently been established in India to support business enterprises owned and controlled by a sole Entrepreneur. Corporations, such as Private Limited Company, allow two or more individuals to become partners.
There are many other benefits of incorporating an OPC which we can happily discuss @ support@charteredmunshi.com
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No, an OPC is not a private limited company. Although salient features of company’s act 2013 apply to OPC as well, it is quite different from a private limited company.
Please go through the article written to know various benefits of OPC under the companies act, 2013.
Yes a single person can start a company, he may register a one-person company.
Yes OPC can employ any number of employees.
Yes an OPC can have more than one director.
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