One-Person-Company


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One Person Company (OPC)

OVERVIEW / DEFINITION

The introduction of the One Person Company into the legal system came into existence to encourage entrepreneurs to enter into the corporate world. It will not only enable the individual capabilities to contribute economic growth but will also generate employment opportunities. A One Person Company (OPC) is a business structure in India that allows one person to own, manage, and register a company. OPC is effectively a company that has only one shareholder as its member. (OPC) can be registered with a single person who can be the owner as well as the director of the Company.

FEATURES

Private company: Section 3(1)(c) of the Companies Act says that a single person can form a company for any lawful purpose. It further describes OPCs as private companies.
Single-member: OPCs can have only one member or shareholder, unlike other private companies.
Nominee: A unique feature of OPCs that separates it from other kinds of companies is that the sole member of the company has to mention a nominee while registering the company.
No perpetual succession: Since there is only one member in an OPC, his death will result in the nominee choosing or rejecting to become its sole member. This does not happen in other companies as they follow the concept of perpetual succession.
Minimum one director: OPCs need to have minimum one person (the member) as director. They can have a maximum of 15 directors.
No minimum paid-up share capital: Companies Act, 2013 has not prescribed any amount as minimum paid-up capital for OPCs.
Special privileges: OPCs enjoy several privileges and exemptions under the Companies Act that other kinds of companies do not possess.

BENEFITS

They do not have to hold annual general meetings.
Their financial statements need not include cash flow statements.
A company secretary is not required to sign annual returns; directors can also do so.
Provisions relating to independent directors do not apply to them.
Their articles can provide for additional grounds for vacation of a director's office.
Several provisions relating to meetings and quorum do not apply to them.
They can pay more remuneration to directors than compared to other companies.

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