Have Limited funds!!!
Want to start your own business!!!
Want to be your own boss!!!!
Want to be a successful Entrepreneur!!!
Any of this statement hits your mind then your best business option is to incorporate a One Person Company. So let us explore about OPC.
The concept of One Person Company was introduced for the first time in Companies Act, 2013. One person Company means a Company managed and run by 1 person i.e. single person. So the OPC gives a separate identity to the business of the sole proprietor in the form of Company. OPC is a combination of Sole proprietorship and Company where a single person is the owner and simultaneously enjoying the benefits of a company. In case of the death of the person, the ownership passes to the nominee directly without affecting the perpetual succession feature.
Therefore, OPC is a Private Limited Company which is run and managed by single person and enjoying the benefits of a Company by being its own boss.
Also Read: How is One Person Company different from Sole Proprietorship?