More choices are available now with the introduction of the Limited Liability Partnership Act and the Companies Act, 2013. Available structures of business entity are actually distinct from one another.
If you are looking to run your business without external funding and want to have control over all the operations of the company, LLP or OPC will work best.
If you are wondering whether to register a One Person Company or Limited Liability Partnership, here is a basic comparison chart of the LLP and OPC, credible forms of business:
The One Person Company (OPC) is a hybrid form of business which combines features of Sole Proprietorship and Company. A One Person Company needs only one member who is the sole owner/director of the company as well as being a shareholder. In an OPC the liability is limited to the company and not the members of the company giving the benefit of a Limited Company. Hence, why share the cake when you can own it all.