A COMPARISON OF THE COMPANIES ACT, 2013 WITH THE COMPANY LAW IN UNITED KINGDOM WITH SPECIAL REFERENCE TO ONE PERSON COMPANY

Abstract

Under the Companies Act of 1956 the meaning of body corporate avoided from its scope 'a partnership sole' yet the Act of 2013 has evacuated this special case and think of a new progressive idea for example one individual organization (OPC). In any case, there is a contrast between the two. The idea of OPC enables a solitary individual to run an organization restricted by offers, and Sole ownership implies a substance where it is run and claimed by one individual and where there is no qualification between the proprietor and the business, while it isn't so in the event of OPC. In OPC, the organization will get corporate character and appreciate every one of the benefits of a private company viz., restricted risk, ceaseless progression, separate property, ability to sue and be sued, legally binding rights, and so forth. Part I of the paper illuminates the idea, its importance, attributes, and the compliance trouble alongside the requirement for the presentation of the idea of OPC in India on the lines of UK, China, Singapore and a few European nations after the proposals of the J.J. Irani Committee in 2005. Part II tests its utility with regards to the present situation in India. So as to fundamentally analyze the idea and its advantages over the sole ownership purposes of qualification have been drawn between the two ideas. After an intricate exchange on its points of interest the inadequacies and provisos in the idea have been investigated. The article concludes with the perceptions and proposals to beat the ambiguities to encourage the objectives of the new idea remembering its suggestions for the investigation of corporate administration.