Relevance of One Person Company

The implementation of the Companies Act 2013 an individual person can now constitute a company under the concept of One Person Company (hereinafter mentioned as OPC). The New Companies Act 2013 was approved by the Parliament in 2013. Some of the provisions of the New Company's Act 2013 came into force on September 20th, 2013 while the majority of Sections came into force from 1st April 2014. The Companies Act 2013 has introduced some new concepts in India's corporate legal system which was not part of the erstwhile old companies Act 1956. This article has been categorically scripted to present an overview about the revolutionary new concept of OPC as introduced by the Companies Act 2013. The data collected for the study was mainly from secondary sources. The various aspect of One Person Company such as its introduction, history, the concept of One Person Company, its characteristics, their role in economic development, their economic benefits. Mary T. L"Relevance of One Person Company" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-1 , December 2017, URL: http://www.ijtsrd.com/papers/ijtsrd8238.pdf http://www.ijtsrd.com/management/accounting-and-finance/8238/relevance-of-one-person-company/mary-t-l