One Person Company Registration - An Overview
One person company is a concept introduced in India by the Companies Act, 2013. The concept opens up new vistas of business opportunities and particularly spectacular possibilities for sole proprietorships and entrepreneurs who can enjoy the advantages of limited liability, and the benefit of separate legal entities as well.
the concept of ‘One Person Company’ may be introduced with the following characteristics:-
- OPC may be registered as a private company with one member and may also have at least one director;
- Adequate safeguards in case of death/disability of the sole person should be provided through the appointment of another individual as Nominee Director. On the demise of the original director, the nominee director will manage the affairs of the company till the date of transmission of shares to legal heirs of the demised member
- Letters ‘OPC’ to be suffixed with the name of One Person Companies to distinguish it from other companies.”