WISBIZLEGAL

The main feature of a “Company” is that it is an a “Artificial Person” - an entity separate than that of its owners and managers under the eyes of law. This special feature of “Company” acts as a shield to entrepreneurs to protect their personal assets in their quest to achieve business gains and fame. It is for this reason that many entrepreneurs choose “Company” form of an entity to carry their business. While many Sole Proprietorship Firms wish to take shelter under the structure of “Company “ because of the protection it accords to the owners; they are quite concerned with the number of compliance they would need to deal with which is a recurring factor throughout the life-term of the entity. The concept of “One Person Company” was mooted by the J.J Irani Committee to bring in the sole entrepreneurs of unorganised sector to organised sector and help them avail various benefits and schemes available for the organised sectors. It is with this intent that the provisi