One Person Company was introduced by the Companies Act 2013 which revolutionized corporate laws in India. The Companies Act, 2013 led to the recognition of a fully new way of starting businesses. The Act gave flexibility like providing the protection to limited liability partnership and sole proprietorship or partnerships lacked. According to Section 2(62) of Companies Act, a one-person company is defined as a company that has only one person as its member. Additionally, members of a company are nothing but subscribers to its memorandum of association (MOA), or its shareholders. One Person Company Registration is very easy and takes less time to process.
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