It has ben a desire of entrepreneurs to have a one person company and same has become a reality courtesy J.J. Irani Committee which has stated that One Person Company (OPC) may be provided with a simpler regime through exemptions so that the single entrepreneur is not compelled to fritter away his time, energy and resources on procedural matters.
It is a reason to rejoice as now One Person Company(OPC) has been included in Clause 262 of the Companies Bill, 2011. An OPC is ideal for a tech entrepreneur. An entrepreneur with a major new idea or innovation which he wants to deploy on the cloud may not need the burden of a co-founder. Likewise, freelancers, designers and developers who are one man armies will now form one man companies. It also brings the possibility of investors investing in promising young entrepreneurs going it alone. Thus now one man armies need not worry and they can carry on with their mission as no partner means no fights and stealing of the ideas. This is also beneficial who believes in stock market astrology where they may be advised not to have a partnership.
Steps to form a One Person Company
The person forming the Company has to give the following information:
- The name of the One Person Company (OPC)
- The nature of activities of the One Person Company (OPC)
- A nominee to take the place of the single member (in case of death, disability, bankruptcy etc.)
However a rider is that like every private limited company has the suffix Pvt. Ltd., every One Person Company should have the suffix OPC in brackets. This is one aspect which can keep the One Person Company (OPC).
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