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The Trending Stuff About One Person Company

One Person Company

One Person Company was introduced in India through Companies Act 2013, a new concept which brought a great relief for many Entrepreneurs. For the first time, the possibility of one man opening a company without the need of another member or partner was open. This sole property made One Person Company so popular, especially among the lone Entrepreneurs. Ones who don't want to share their powers or duties, ones who don't want to be bossed around. Also, a One Person Company is considered to be a separate legal entity which is a further bonus for the lone Entrepreneurs. Since its inception, One Person Company has introduced many new and aspiring Entrepreneurs to the world. The much hyped, OPC is definitely a trending topic nowadays.
one person company
We bring you some of the trending stuff about One Person Company.
• It is a separate legal entity yet only one person is responsible for the workings of the company. A total contrast from what Sole Proprietorship offers.
• There can be only one member at a time. However, one nominee is mandatory to be appointed. This member and nominee cannot be a minor.
• Only a citizen or a resident of India can start a One Person Company. A resident of India here refers to a person who has lived in India for more than one hundred and eighty-two days.
• Anyone can start his own company due to its easy and cheap registration, limited liability and legal identity.
• A boost in the country's economy is seen due to the less hassle and many opportunities given by One Person Company. Many Sole Proprietorships is converting themselves due to these very same reasons.
• The registration is comparatively easy and not much compliance is to be maintained. This makes the company all more desirable.
• According to BSE, One Person Company can act as a stock or sub broker.
Apart from all these features, One Person Companies are helping tremendously in increasing the overall economy of India. More and more Entrepreneurs are coming up and setting up their business. Since no intervention from any third party is seen, it makes it more beneficial.
One Person Company, which is a new concept in India, already sees a big boom. A huge impact on the economy and development of a nation is expected. It gives opportunities to many and will, therefore, bring creative and young minds in front of everyone. So, if you want to start up your own business, you don't have to worry about all the complex and tedious processes. We, at LegalRaasta, can help you register your One Person Company and provide you with any kind of legal solution you want.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.

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