‘One Person Company’ under the Companies Act, 2013― Journey from ‘Minimum Two Person’ to ‘Only One Person’: A Critical Reappraisal

Abstract

The One Person Company (hereinafter referred to as ‘OPC’) is of recent origin in the Indian legal system which is quite similar to the sole proprietary form of business. The notion of OPC is just like a ‘one man army’. This revolutionary concept of OPC aims to pave the way for a more modern and dynamic legislation, to enable growth and greater regulation of the corporate sector in India. OPC provides a whole new bracket of opportunities for those who look forward to starting their own ventures with a structure of an organized business. This paper gives a basic knowledge about OPC and helps in understanding its concept. It dwells comprehensively upon the concept of OPC, from its inception as philanthropy till its journey to a statutory form with special reference to the provisions of the Companies Act, 2013.

Keywords: OPC, India, Companies Act, modes, incorporation, advantage(s), disadvantage(s), activities, exemptions, conversion