Business set up/ Corporatisation for Resident Indians
A corporate structure entity is universally considered as the most desirable structure because of its many advantages like Limited Liability for the owners (thus ensuring safety of their personal assets in an unfortunate case of business failure), Separate Legal entity, seperation of ownership and management, more chances of raising finance etc.
So, if you are looking to corporatise your business, this is the time. You have many options like incorporating a Private Limited Company or a Limited Company or a Limited Liability Partnership or a One Person Company.
One Person Company is the latest corporate entity introduced by the Companies Act, 2013 and is an excellent vehicle for Proprietors to incorporate their business. It requires just one shareholder and one Director. Companies Act give a lot of freedom from Compliances for One Person Companies.