Sole Proprietorship: (Un limited Liability)
Sole Proprietorship is the simplest form of conducting business,
Where the business is done in one's individual name.
The sole proprietorship name can be one's personal name or any unique name without restrictions.
One Person Company: (with limited liability, Legal entity and perpetual existence)
The recently enacted Companies Act 2013 has introduced us to a new form of business organisation in the country, viz., One Person Company (OPC). Though as a concept it may be new to India, this type of entity is prevalent in other parts of the world like the US, China, Singapore and some European countries. Person Company is defined in The Companies Act, 2013, which reads as follows:
'One Person Company means a company which has only one member'