One person company provides the wide range of benefits of sole proprietorship and private company whereas partnership, the traditional form of business entity enjoys the requirement of less compliances.
Hence the person should be thorough with his choice Disadvantages of One Person Company Taxation: Both One Person Company and private companies are put under the same tax slab by the income tax department.
To close a Private Limited Company, Every director of the company should comply with the provisions of the Companies Act 2013, There are many ways by which company could be wound up.