Abstract
The major purpose of this paper is tomake an attempt to understand the concept of One Person Company (OPC)in India as per The Companies Act, 2013, and understand its opportunities and challenges in India. The research paper is an attempt at exploratory research, based on the secondary data sourced from journals, articles of various books, websites, and media reports. Further, looking into the requirements of the objectives of the study the research design employed for the study is descriptive in nature. The major findings of the paper are that, while the concept has already prevailed in some of the countries of the world for a long time, it took more than half a century for India to incorporate it in legal form. As it is in its infancy stage in India, some limitations should be made good to give it a more complete structure. Some of the suggestions in this regard have been made and are given in detail in the paper. The scope of the research is limited in the sense that the idea of OPC is very new and hence not many companies are incorporated under this act in India and hence primary data could not be collected. Moreover, paucity of time and lack of legal expertise were two other major constraints in the path of this research. This paper is valuable to any academician in the field of commerce who wants to understand the concept of OPC and its challenges in India. It is especially valuable to young entrepreneurs in India who want to set up such companies in the future. The paper is also valuable to policymakers in exploring the area further.
Keywords: One Person Company; Companies Act, 1956; Companies Act, 2013; Private Limited Company
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