One Person Company (OPC) is a type of business structure that allows a single person to operate a company as a separate legal entity. One Person Company is a company incorporated under the Companies act, 2013 having separate legal entity, perpetual succession and can sue and be sued by its own name.
Here are some of the benefits of setting up an OPC:
Limited Liability: OPC provides limited liability protection to the owner, which means that the owner's personal assets are not at risk in case of any legal disputes or financial losses incurred by the company.
Separate Legal Entity: OPC is a separate legal entity from its owner, which means that the company can enter into contracts, borrow money, and own assets in its own name.
Easy to Set Up: Setting up an OPC is relatively easy and requires minimal documentation compared to other business structures, such as private limited companies.
Single Ownership: OPC is owned and managed by a single person, which means that there is no need to share profits or decision-making with other shareholders.
Continuous Existence: OPC has perpetual existence, which means that the company continues to exist even in the event of the owner's death or retirement.
Credibility: OPC is considered a more credible and trustworthy business structure than sole proprietorship, which can help in attracting clients, investors, and partners.
Overall, OPC provides numerous benefits to solo entrepreneurs who want to operate a business with limited liability protection and separate legal entity status.
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