There are different types of formats and kinds of companies in the present-day business world. Which type of company you are looking forward to invest in? Certainly, if you are planning to begin a business, you should definitely look into the options and the benefits every option gets you.
Talking about the concept of one person company, it is all over the business world. You can even get registration for this online done with ease. You need to speak with the professionals and they are going to assist you in the registration and the entire procedure. On such game-changer was the general overview of One Person type of Company concept. The concept led to the recognition of a completely new way of starting businesses that rendered flexibility that a company type of entity can offer, while also offering the safety of restricted liability that sole proprietorship or even that of partnerships may be short of.
What really such a company all about?
A one-person type of company has been believed to be a company that possesses just one individual as its member. Moreover, members of a company are nothing but actually these are subscribers to its memo of association, or even its overall stockholders. So, a one-person kind of company is effectively and efficiently a firm that has just one shareholder as its member.
Such kinds of companies are mostly created when there is just one founder/promoter for the whole whole business. Entrepreneurs whose work and businesses stay in initial stages actually prefer to go for OPCs rather than that of sole proprietorship business because of the diverse advantages that OPCs cater.
One Person type of Company and Sole Proprietorships
Well, a sole proprietorship business could appear to be similar to one person companies simply because these both include a single person owning the entire business, but there actually are different differences between them.
The chief difference between the two is their nature. Since a one-person company is a sort of separate legal entity differentiated from its promoter, it has its own sort of properties and liabilities. The promoter is not at all personally accountable to repay the debts of the company. On the other side, sole proprietorships and that of even their owners are the same persons. So, the law permits attachment and sale of promoter’s own assets in the times of non-fulfilment of the liabilities of this business.
The formation of OPC
A single person can create up an OPC by subscribing his name to the memorandum of association and then satisfying other needs prescribed by the Companies Act, 2013. This is the memorandum that should mention particulars of a nominee who is going to turn out to be the company’s sole member if the default or original member passes away or turn out to be unable of getting into that of pledged relations.
Conclusion
Thus, you can check out opc company option if you think it suits you. there is nothing wrong in exploring something new.