| SOLE PROPRIETOR | OPC |
|---|---|
| Sole Proprietor is run and owned by one individual. There is no distinction between the owner and the business. | OPC is run and owned by one individual member. Legally separate entity and there is distinction between the promoter and the company. |
| Income Tax for Sole Proprietor will be calculated on the basis of individual IT because there is separate legal entity concept applicable for sole proprietor. | OPC income tax will be calculated as like private limited company. |
| Succession of sole proprietor is not available but for nominee designated by a member will take over the entire business rights and ownership. | OPC has to file returns as like private limited company but sole proprietor business has to income tax returns under section 44AB of the Income Tax Act, 1961. |
| Financial goals for sole proprietorships differ based on whether an entrepreneur is primarily interested in making money or whether financial success is a secondary priority. | OPC aimed for the structured organized business with different legal entity. OPC will support small entrepreneurs to do structured business and to organize the private sector entrepreneurship. |
| One of the great features of a sole proprietorship is the simplicity of formation. Little more than buying and selling goods or services is needed. In fact, no formal filing or event is required to form a sole proprietorship; it is a status that arises automatically from one's business activity. | OPC is a revolutionary concept which will have sparkling future and most successful business concept. Because OPC has less paperwork, very easy to convert as private limited or limited company. OPC can amend the MOA and AOA to convert as a company. It has credential comparing to sole proprietor. |
Limited Liability Partnership (LLP), consortium of flexibility of partnership and the advantages of limited liability of a company at low compliance cost. In simple words LLP means body of corporate with mutually agreed agreement as like in partnership.
Company means a voluntary association formed and organized to carry on a business. In India Company means a company incorporated under Companies Act, 2013 or Companies Act, 1956 or under any previous company law.
Bass Biz suggest to entrepreneurs who are interested to do business and raise capital through various sources can kick start their business as Pvt Ltd.In India Company means a company Companies Act, 1956 or under any previous company law.