Understanding why to incorporate for a One Person Company, Why not to form a Proprietorship firm ? Learn about the liabilities of a One Person Company.
The full form of OPC is 'One Person Company'. As the name suggests, the company can be registered, owned, and managed by one person. One Person Company registration in India is a concept introduced under the Companies Act 2013. It allows a single individual to incorporate a company and enjoy the benefits of both a sole proprietorship and a company. This concept was made available after the enforcement of the Companies Act 2013. One Person Company's primary objective was to promote entrepreneurship and the corporatization of MSMEs. It offers all the advantages of a Private Limited Company, including perpetual succession, being a separate legal entity, and shielding personal assets from the liabilities of the firm.
The concept of a One Person Company (OPC) was introduced to support entrepreneurs who are capable of starting a venture on their own. The committee recognized the growing role of information technology, the rise of digital markets, and the emergence of the service sector. These developments highlighted the need for a more organic platform to allow solo entrepreneurs to participate in the formal economy. It is unreasonable to expect that a talented entrepreneur with a brilliant idea must necessarily form an association with others in order to enter the market.
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