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  • The companies Bill 2011 should bring a great news to solo entrepreneurs aka solopreneurs. Ministry Of Corporate Affairs of India will now allow one person company aka OPC; which means you won't need partners to form a corporate entity aka corporation. Here's what the companies bill 2011 says -

    Clause 3. — This clause corresponds to section 12 of the Companies Act, 1956 and
    seeks to provide minimum number of persons to form a public or private (including One
    Person Company) (OPC) for any lawful purpose, by subscribing their names to the memorandum. Memorandum of OPC shall indicate the name of a person who shall become member, in the event of death of the single member. However, the other person whose name would reflect in the Memorandum of OPC shall be required to give prior written consent in this regard. He shall have the right to withdraw his consent. It shall be duty of the member of the OPC to intimate the Registrar any change in name of person already mentioned in Memorandum. The companies formed under this clause may be limited by shares or limited by guarantee or an unlimited company.

    Clause 453.— This clause corresponds to section 631 of the Companies Act, 1956 and seeks to provide punishment for improper use of the title words, ‘limited’, ‘private limited’ or ‘OPC limited’ with fine which shall not be less than five hundred but may extend to two thousand for everyday on which that name has been used.

    Logically 'one person company' sounds little weird. If you wish to form a one person company, then you'd need -

    • The name of your corporation
    • The nature of your business
    • Nominee; in case of casualty
    The biggest pain point this will solve is that the technopreneurs with an idea won't have to search for co-founders to get started.
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  • PraveenKumar Purushothaman

    Member • Dec 19, 2011

    Woah! This is awesome one by our Indian Government! 😀
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  • Gandalf

    Member • Dec 19, 2011

    Great Move
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  • Harshad Italiya

    Member • Dec 19, 2011

    These move surely encourage some start-ups. 👍 Thanks for sharing this Biggie. 😀
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  • Suresh Manickam

    Member • Dec 26, 2011

    Yeah, great one.
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  • patel dhara

    Member • Apr 5, 2013

    Hey , I am going to open my own start up. can anyone please suggest me that, is it compulsory to register the company as a pvt ltd? or we can work without pvt ltd tag? what should be the great option?
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  • Kaustubh Katdare

    Administrator • Apr 5, 2013

    patel dhara
    Hey , I am going to open my own start up. can anyone please suggest me that, is it compulsory to register the company as a pvt ltd? or we can work without pvt ltd tag? what should be the great option?
    No, it's not compulsory but sooner or later you will have to register an entity to do business. It could be a sole proprietorship or partnership or private corporation - check out the difference between them here -
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  • patel dhara

    Member • Apr 6, 2013

    Kaustubh Katdare
    No, it's not compulsory but sooner or later you will have to register an entity to do business. It could be a sole proprietorship or partnership or private corporation - check out the difference between them here -
    Thanks, But after seeing this video, i have one query,I am alone going to start the company and it is kind of software work.So should i go ahead for registration at beginning only so later on i can concentrate on my project work? or later on after some experience i could go ahead? I have applied for DIN number but now i am confuse about the next step as I cant understand the terms like digital signature under CS/CA, etc... I have seen lots of consultancy who works for us but i want this to be done by me so i can understand the whole scenario in legal stuffs before start-up.
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  • Kaustubh Katdare

    Administrator • Apr 6, 2013

    I'd say obtain the DIN and don't rush into forming a company. Build your prototype/service and find clients. eLagaan offers all the services you need and they're startup friendly.

    If not, I'd recommend that you should hire a CA and they'd help you with all the formalities (including those that involve CS). It'd be a little costlier affair but you will have someone to talk to in person.

    Don't fret over getting registration. CrazyEngineers got incorporated 4 years after running as a hobby website - and working with a few clients.
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  • avii

    Member • Apr 6, 2013

    patel dhara
    Thanks, But after seeing this video, i have one query,I am alone going to start the company and it is kind of software work.So should i go ahead for registration at beginning only so later on i can concentrate on my project work? or later on after some experience i could go ahead? I have applied for DIN number but now i am confuse about the next step as I cant understand the terms like digital signature under CS/CA, etc... I have seen lots of consultancy who works for us but i want this to be done by me so i can understand the whole scenario in legal stuffs before start-up.
    Wow, its really good to see a startup combination of single woman + software [and that too not from CS !] 👍

    Initially you don't have to worry about all these things. Since you have already applied for DIN, IMO, you don't need anything further.

    Take up any interesting work [how big or small] that comes in your way
    Build a portfolio of your work
    Have a clean, simple & kickass website that showcases your works & reflects your company etc
    Build clients & make sure you have satisfied them & take testimonials.

    Building reputation is really important in beginning.

    Wish you all the best for your venture 😀
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  • Kaustubh Katdare

    Administrator • Oct 17, 2015

    I'm curious to know if anyone on CrazyEngineers has registered one person company? I'm mostly interested in knowing your experience of registration; whether you were able to get everything done online and what are the documents you've been maintaining as a part of compliance.
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