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One person company

This is a new structure in business, through which individuals can legally carry out medium and small businesses. This category was introduced in 2003 under the Companies Act. For this kind of business, liabilities are limited. Although this mechanism enables only a single entrepreneur to run a business along with the protection of Limited Liability, the system has certain limitations.For example, it is necessary for every OPC to recommend a nominee Director in the AOA or MOA, who would own the OPC in case of a disability of the promoter director. Besides, if the annual turnover of the company is more than INR 2 crore, the status of the company has to be changed to Private Limited. At the end of the financial years, the turnover has to be audited with the Ministry of Corporate Affairs.

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