Rules and regulations for Sole Proprietorship Businesses in India
The structurization of a business entity as a “Sole Proprietorship Firm” requires less legal formalities, in comparison to other entities. However, since they are not categorized as a separate legal entity, therefore, the liability of the proprietor is unlimited in case of such business structures.
One person company (OPC) – Registering in India
The Companies Act 2013 has introduced a new concept of “One person company”. One person company (OPC) provides an avenue who wants to venture into a business under the guise of organized business structure. Such a company will be in the nature of a private company. The article shall focus on the formation of a “One Person Company”.
Registering a Business in India
A business establishment can be incorporated in the form of a company, partnership firm, limited liability partnership, one person company, and proprietorship. Though it is not mandatory to register a company before starting a business in India however, the nature of the business establishment depends upon the requirement of the individual, such as tax exemption, funding requirements, liability assessment, membership, etc.
