Through the Companies Act, 2013, the idea of One Person Company in India was implemented to help entrepreneurs who are able to start a business on their own by enabling them to develop a single individual economic entity. One of the greatest benefits of a One-Person Company (OPC) is that there can be only one participant in an OPC, while it requires at least two members to incorporate and maintain a Private Limited Company or Limited Liability Partnership (LLP). Similar to a company, a one-person company is a separate legal entity from its promoter, providing its sole shareholder with limited liability protection while maintaining business continuity and being simple to integrate.
While a One-Person Company enables a single entrepreneur to run a restricted liability-protected corporate entity, an OPC has some constraints. For example, each One Person Company (OPC) has to nominate a nominee director in the company's MOA and AOA-who will become the OPC's owner if the sole director is disabled. A One-Person Company must also be converted into a Private Limited Company if it crosses an annual turnover of Rs.2 crores and, like all types of companies, must submit audited financial statements to the Ministry of Corporate Affairs at the end of each financial year. It is therefore essential for the Entrepreneur to think closely before incorporating the characteristics of a One Person Company.
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