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sole trader and one man company
what is the difference between sole trader and one person company why those names came into existance
Replies (3)
main difference is sole trader has unlimited liability and one person company has limited liability
both the orgn are their or sole trader is replaced by one person company
Both are there.
Don't worry.
Govt. has introduced a new concept of OPC since co.act2013, as per which an individual who is citizen & resident of India can become the member of OPC.
the main difference btw.sole trader & OPC are as:--
⏺️OPC (one person co.) have separate legal entity;
🔽while in case of sole trader it is not.
⏺️ liability of the member of OPC is limited;
🔽 while liability of sole trader is unlimited.
⏺️OPC is governed by Co.Act 2013;
🔽while no act for sole trader.
Don't worry.
Govt. has introduced a new concept of OPC since co.act2013, as per which an individual who is citizen & resident of India can become the member of OPC.
the main difference btw.sole trader & OPC are as:--
⏺️OPC (one person co.) have separate legal entity;
🔽while in case of sole trader it is not.
⏺️ liability of the member of OPC is limited;
🔽 while liability of sole trader is unlimited.
⏺️OPC is governed by Co.Act 2013;
🔽while no act for sole trader.
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