What is a one-person company?
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Section 2(62) of Companies Act defines a one-person company as a company that has only one person as to its member. Furthermore, members of a company are nothing but subscribers to its memorandum of association, or its shareholders. So, an OPC is effectively a company that has only one shareholder as its member.
A one-person company, also known as a sole proprietorship, is a business structure where a single individual owns and operates the entire business. In this setup, the owner has full control over decision-making and assumes all the responsibilities and liabilities of the business. It’s a common choice for entrepreneurs who want to start a small-scale business on their own. Let me know if you have any more questions!