One Person Company (OPC) is a type of company that can be formed with only one person as its member or shareholder. It introduce in the Companies Act, 2013 to encourage small business owners and entrepreneurs to start their own companies with limited liability protection.
A OPC has a separate legal identity from its owner and treat as a separate legal entity. This means that the liability of the owner limit to the extent of the share capital subscribed to by the owner. This provides a significant advantage to the owner in terms of limited liability protection.
An OPC require to have a nominee director who can act as a member in case of death, incapacity or absence of the owner. The nominee director does not have any ownership rights and is only a director of the company.
For more information visit this site: https://www.mca.gov.in
Therefore, OPCs require to comply with the same legal and regulatory requirements as any other type of companies, such as filing annual returns and maintaining proper accounts. OPCs also require to be converted into a private limited company if the annual turnover exceeds Rs. If the paid-up capital of a company exceeds Rs. 2 crores, 50 lakhs.
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