With the implementation of the Companies Act, 2013, a single person could constitute a Company, under the One Person Company (OPC) concept. The new Companies Act, 2013 has done away with redundant provisions of the previous Companies Act, 1956, and provides for a new entity in the form of one person company (OPC), while empowering the Central Government to provide a simpler compliance regime for small companies. The introduction of OPC in the legal system is a move that would encourage corporatisation of micro businesses and entrepreneurship. It had suggested that such an entity may be provided with a simpler legal regime.OPC is a one shareholder corporate entity, where legal and financial liability is limited to the company only.
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