Glossary · Corporate Law
OPC
One Person Company — a private company with only one member (Section 2(62) of the Companies Act, 2013).
Introduced in 2013, an OPC allows a single individual to incorporate a company with limited liability. The sole member must nominate a nominee who will become the member in case of death or incapacity. OPC cannot convert voluntarily into a private company if its paid-up capital exceeds ₹50 lakh or average annual turnover exceeds ₹2 crore in the immediately preceding three financial years. It cannot carry out non-banking financial investment activities or act as an NBFC.
Examples
A solo consultant incorporates WebCraft OPC to bill clients in the company name, separate from his personal identity.