Should freelancers start One Person Company? Here are the pros and cons

The owner of a one-person company has limited liability, but has to go through more paperwork

A 2018 study by PayPal revealed that one in four freelancers is from India. According to the global freelancing and crowdsourcing marketplace Freelancer.com, India is among the countries where gig economy is on the rise rapidly. People working outside regular employment can operate as freelancers or they can set up a One Person Company (OPC).  
 

A freelancer is also referred to as sole proprietor. Says Balwant Jain, chartered accountant and CFP: “When you work as a freelancer, you run a business where you are the sole owner, hence the legal term ‘sole proprietor’ applies to you. In a sole proprietorship,