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According to the Companies Act, 2013 with the Ministry of Corporate Affairs in a One Person Company (OPC) is a separate legal entity with just one member and only one shareholder while in a Sole Proprietorship Company is a business that is owned and governed by one person. This article elaborates on the key differences between the two.
OPC is a company registration where only one person is required as the board of member for the company to function. There are instances where we see startups and SMEs lack shareholders and benefactors in the beginning. So getting registered under an OPC act is the most convenient option for newborn ideas.
The Sole Proprietorship is the simplest business form under which one can operate a business. A Sole Proprietorship is not a legal entity. However, it simply refers to a person who owns the business and is personally responsible for its debts.
Let us look at the key differences between a One Person Company and a Sole Proprietorship Company:
You can choose between a Sole Proprietorship and OPC depending on your requirements, type of business, and the risk involved in the business you can register online. To know more about the process in detail seek help from Online Legal India™ a platform managed, operated and driven by CA, CS, IT professionals, Lawyers and Influencers, who have vast experiences into the respective fields.
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