According to sub-section 62 of section 2 of the Companies Act, 2013 One Person Company is introduced to promote business enterprises owned and managed by a single entrepreneur.
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.
LLP is a worldwide recognised business entity registered with the ministry of corporate affairs and governed by the Limited Liability Partnership Act, 2008 which limits the liability of partners and provides flexibility of a partnership.