PF REGISTRATION

In Companies Act, 2013 a new concept was introduced that is ONE PERSON COMPANY which means a single person can run his business in a proper legal entity form. One Person Company is a legal entity which is registered with the Ministry of Corporate Affairs (MCA). It is a kind of private limited company but with single person ownership. There is no profit or dividend sharing concept. It is bone for a single person who wants to run his business in the form of a registered entity. One person company shall have only one member, but there can be a maximum of 15 directors. One Person Company has features of both sole proprietorship as well as private limited, the member of the company has ownership like a sole proprietor, but the liabilities are limited as the members have in the private limited company. It has all the features like a private limited entity with few exceptions provided under Companies Act, 2013. It is a hybrid version of the sole proprietorship firm and private limited company.