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How to Start a One Person Company?

The #Government of India has added a new option for Company Registration - the #OnePersonCompany. A One Person #Company essentially has just one shareholder who can run the company independently. To know more about the OPC or to start your own One Person Company, please visit @ https://vakilsearch.com/one-person-co... For more updates: Subscribe us:    / legalsolutionsvakil   Like us at :   / vakilsearch   Follow Us:   / letsvakilsearch   All you need to know about the One Person Company (OPC): One Person Company can only have one shareholder but it can have more than one director. A one-person company can have as many as 15 directors. The difference between a shareholder and a director is that a shareholder owns the company at least a part of it. So in a normal private limited company or a public limited company like say Reliance there are millions of shareholders. So each of them owns a part of Reliance but in the case of a one-person company they can be only one owner or only one shareholder. The director, on the other hand, somebody who's involved in the management and operations of the company. So in the one-person company, you can have as many as 15 directors. So that's a big difference between a normal company and a one-person company. What are the advantages and disadvantages of a one-person company? Advantages: So the main advantage of a one-person company as the name suggests is that. Anybody even a normal proprietor or a small shopkeeper or a store owner or anybody can start today or start a company. In the past, unless you had two people or more who could not start a private limited company you or you could not start a company as such but today with the advent of the one person company anybody including a small store owner can start his own business a company. Disadvantages: The major disadvantage is that if you're intending to scale your business and get investors or get more people to come on board and you want to incentivize these people by giving them ownership in the company that is not possible in the case of a one-person company. For that, you still have to start a private limited company. The other disadvantage one could call it is that if you want to get a private equity investor or if you want to get somebody to infuse funds into the business typically such a person is looking for some ownership interest in the business. So a one-person company is an ideal option if you want to startup or experiment with a new business. You don't know how the business is going to perform. You just want to try out the business initially. Convert an OPC into a private limited company: It's good to start as a one-person company but do remember that once you start a one-person company you cannot convert it into a private limited company for three years. So you're stuck with a one-person company after you Incorporated for three whole years before you can convert it into a private limited company. The other people who can start one-person companies are people who are doing something as a hobby. For example, you make chocolates at home and you want to sell these chocolates, homemade chocolates, to your neighbors, your friends, your relatives. In such cases it's a good idea to start a one-person company because you're not looking at getting investors, you're not looking and getting other people on board in such cases it's a very good idea to start a one-person company rather than starting a proprietorship firm. So this is just a broad overview of a one-person company and just to give you a sense of what are the advantages and disadvantages and what a one-person company is. For more information, you can log on to vakilsearch.com