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Company Law : One person company is a concept introduced in India by the Companies Act, 2013. The concept opens up new vistas of business opport...
Company Law : (1) These rules may be called the Companies (Management and Administration) Amendment Rules, 2021. (2) They shall come into forc...
Company Law : MCA amends One Person Companies (OPCs) rules vide Companies (Incorporation) Second Amendment Rules, 2021 MCA amends rules 6 relate...
As defined in Section 2 (62) of the Companies Bill, 2013, One Person Company means a company which has only one person as a member.
Thus, Single Member Company or One Person Company has been defined as A Company which has only one person as a member under sub section 62 of section 2 of the Companies Act, 2013. It is now possible for a person, competent to enter a contract, to start such One Person Company which is like a proprietary firm with the benefits of a Limited Company.
One Person Company means a company which has only one person as a member. It may be formed for any lawful purpose by one person as a private company by subscribing his name to a memorandum and complying which the requirements of this act in respect of registration.
No longer will one search for business partners or shareholders to form a company. Forming a company will not require company of anyone else and one can fulfill his or her dream of having a company on his own by there being just one member of that company.
In recently passed Companies bill 2012, new concept of One Person Company has been introduced. It is considered as revolutionary step taken by government to encourage unorganized proprietorship business to enter in to organized corporate world.
A man is known by the company he keeps. But with the implementation of the Companies Bill 2009, a single person will constitute a Company, under the One Person Company (OPC) concept.As a structure for professionals, individual entrepreneurs, SMES and NGOs – the proposed Section 171 extends to Section 25 Companies as well – this is a godsend, as it insulates the shareholders personal assets from liability. But one wonders whether this Bill is the right platform or the timing is opportune. There have been too many writings on the Bill and its various dimensions. It is a critical piece of reform, which will be resisted and opposed by many.
