A one-person company is a business that has only one owner or proprietor. Before the Companies Act of 2013 was enacted, only two people may form a corporation. If a person wished to start a business, he or she could only choose a sole proprietorship because a corporation could only be founded with a minimum of 2 directors & 2 members.
Therefore, a one-person company is a firm that has the characteristics of a corporation and the advantages of a sole proprietorship and may be incorporated by a single person, who may be a resident or an NRI.
