ONE PERSON COMPANY (OPC)

One person company is similar to the private limited company but its required only the on person. so you can enjoy the similar advantages but you can add the partners. so its for those solo entrepreneurs which is need 100% control of the business.

Procedure and Requirements are the same as Private Limited Company.

Advantages -

• 100% Control on the Company
• Less Compliance as compare to private limited company.

Disadvantage -

• Cannot add partners
• Similar nearby Cost with the Private limited Company

Costing - Its cost nearby 12000/- to 13000/- INR.

Hope this is helpful for you.

Here is the Summary on the Right Legal Entity -

a) Sole Proprietorship Firm - Single Founder and Want to test the ideas in Business.

b) Partnership Firm - Have Partners and want to test the ideas in business.

c) Private Limited Company - Big Dreams,Passionate, Need Funding From VC & Angel.

d) LLP(Limited Liability Partnership)- Have Partners but need limited liablity in the business.

e) OPC( One Person Company)- Need 100% Control on the Company Always.