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This article will provide you with the difference between OPC vs Sole proprietorship. If you want to start a new business and you are not able to pick one form then here is a glance of differences between these two are as follows:
Sole-proprietorship
The simplest form of business carried on by individuals who are personally liable for debts. A sole proprietorship is not a legal entity like a partnership or a corporation. A sole-proprietor can start a business under his name or under a fictitious name. Costs are nominal to start this kind of business, however, the disadvantage lies with financial failure situation. If the business fails to earn a profit then creditors can file a lawsuit against sole-proprietor. Business liability can be discharged against his personal assets. Moreover, if the owner dies, there are little chances of survival. Expansion of business after a point becomes a tough job. The advantage is this kind of entrepreneurs need not enter into board meetings and annual meetings. Returns are signed under their name. They have flexible working hours.
One Person Company (OPC)
The Companies Act, 2013 introduced a new form of business, a hybrid of Sole-proprietorship and Company, by providing sole proprietors with an opportunity to enter into a corporate world. It is treated as a private company only having a separate legal entity and limited liability.
OPC vs Sole Proprietorship
TYPE OF COMPANY
BASIS
Proprietorship
One Person Company
Registration
Not Compulsory
Can be registered under MCA and Companies Act 2013
Legal status of entity
Not considered as a separate legal entity
Separate legal entity
Members liability
Unlimited liability
Limited to the extent of share capital
Minimum number of member
Sole Proprietorship
Minimum number of 1 person
Maximum number of members
Maximum 1 person
Maximum 2 person
Foreign ownership
Not allowed
Allowed if one is the director and other is the nominee. Both the director and the nominee cannot be foreign citizens
Transferability
Not allowed
Allowed to 1 person only
Survival
comes to end on death or retirement of the member
Existence is independent on directors or nominee
Taxation
Taxed as an individual
Tax rate is 30% on profits plus cess and surcharge
Annual filings
Income tax returns with the registrar of the company
