A one-person business is one that has just one person as a member, according to Section 2(62) of the Companies Act. Also, shareholders or subscribers to a business’s memorandum of organization are all that a firm has as members. In essence, an OPC is a corporation with just one stakeholder on the payroll.
Characteristics of a One-Man Business
Here are a few common characteristics of a one-person business:
Private company: According to Section 3(1)(c) of the Companies Act, a single individual may establish a company for any permissible reason. OPCs are further defined as private businesses.
Single-member: Unlike other private corporations, OPCs are only permitted to have one shareholder or member.
Nominee: One distinguishing characteristic of OPCs that sets them apart from other types of businesses is that the
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