The new concept that has been evolved that was never been used and implemented in the companies act, 2013 was One Person Company Concept. This a whole new way to start a company or business flexibility of protecting limited liability that sole proprietorship or partnership.
Definition of One Person Company
A company with only a single person member as its board member of a company is nothing but the subscribers to its memorandum of association or its shareholder. So a person company is that which has only a single member of the shareholder.