Central Govt gives clearance to Companies Bill 2008
Very good changes proposed, some are missing
Some of the changes proposed are:
- Scrapping the minimum paid-up capital requirement
- Setting up special courts to try offences
- Allowing one individual/person to create/own a company
- Self regulation and shareholder control instead of government control
One Person Company (OPC) verses LLC
The idea behind a one person company is to allow a single individual to own and operate a limited liability company. In
So in general the government is thinking in right direction that, one person can contribute to economy in never before ways and to facilitate that new form of corporate structure with simple administration and compliance requirements is a must. Corporate law should allow a single person to form a company. OPC or “one person company” is a concept in this direction. But, instead of OPC, I strongly suggest that government allow creation of
Further one of the biggest advantage of using LLC as an extension will be that it will look more international and will cause less confusion. I searched “OPC” on internet and could not find any results that even remotely connect to the corporate laws. LLC with similar concepts exist in various jurisdictions across the world and will become more popular in
My wish list also includes that the word 'Incorporated' be allowed as the suffix along with Limited and Private Limited. But this is very low priority stuff as the world Limited as suffix is well understood across the globe.