in Corporate Law RTI and PIL
Asked November 11, 2013

Benefits to entrepreneurs under the New companies Act

  • 1 Answer

How are entrepreneurs benefitting in light of the new Companies Act?

Answer 1

Default avatar
Saumya Kumar
The Companies Act, 2013 has been projected to facilitate entrepreneurs entry in the industry as it provides for One Person Company (OPC) which allows one person as a member of he company with minimum paid up share capital of INR one lakh (INR 1, 00,000/-). An OPC requires that the company must have th name of the person who is carrying out the business. The memorandum of a One Person Company shall state the name of the person or a nominee with his prior consent, who, in the event of death of the subscriber, shall become the member of the company. This written consent should be filed with the registrar of companies at the time of incorporation of a One Person Company alongwith its memorandum and articles of association. shall have atleast one director and a maximum of fifteen (15) directors. One Person Company need not hold annual general meetings (AGM) every year.
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