Its a legal entity having the features of a Company as well as a partnership firm. Just like companies, it can have the benefit of liability separate from the entity, i.e. no partner shall be liable for the misconduct of the other and like a partnership firm it has the advantage of flexibility in its internal structure. LLP is generally suitable for proprietors who intend to start up with low investment and low cost. Since there is no minimum capital requirement and also the cost of formation is less than that of incorporating a company.
One Person Company is a new concept introduced by the Companies Act 2013. The reason behind the introduction of OPC is to provide a platform to individual entrepreneurs who are willing to venture alone. Before the concept of One Person Company, in order to start a Company the minimum requirement was to have at least two Partners/ Shareholders, thus the only option left for an individual was to go for sole proprietorship if unable to find a Partner. OPC holds a bright future for small traders, entrepreneurs with low risk taking capacity, and other service providers