Monday, November 26, 2007

India 'one-person company' proposal

Business Standard reports that the draft Companies Bill 2007 has proposed a new entity called one-person company (OPC) that will be a private limited type of entity for an individual promoter. Currently, many individuals conduct business through proprietorship or partnership entities - both these forms have simpler compliance requirements but pose unlimited liabilities on the promoter(s). The OPC is expected to provide individual entrepreneurs the flexibility and low cost of proprietorship/partnership concerns while restricting their personal liabilities similar to a private limited company.

This bill is being studied by various departments of the government and if approved would go to the Parliament for legislative approval at some point in the near top medium term future.

This is a positive move for business people and will boost entrepreneurship in India.

5 comments:

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What is the current status....Its been very long since you've updated this post.....

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Anonymous said...

I would like to know more about the current status of this bill. Is there a way to track it?

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