A One Person Company is a company that has only one person as a member.
It is essentially a private company but with only one shareholder and at least one director.
The memorandum must state the name of a nominee who shall, in the event of the subscriber's death or incapacity, become the member of the company.
It provides the benefit of "Limited Liability" to sole entrepreneurs, which is not available in a traditional sole proprietorship.
Reference: Section 2(62) of the Companies Act, 2013
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