ONE PERSON COMPANY FEATURES
1) One Person Company is a private company.
2) Section 3(1)(c) of the Companies Act says that a single person can form a company for any lawful purpose.
3) It's only having one member or shareholder, unlike other private companies.
4) The nominee is a unique feature of OPCs that separates it from other kinds of companies.
5) No perpetual succession in OPC because there is only one member.
6) It needs to have a minimum of one person as a director.
7) Companies Act, 2013 has not prescribed any amount as minimum paid-up capital for OPCs.
8) It enjoys several privileges and exemptions under the Companies Act that other kinds of companies do not possess.
9) It's a new and revolutionary concept of One Person Company.
10) It has been introduced by the Companies Act, 2013.
12) One Person Company is defined in the Sub- Section 62 of Section 2 of The Companies Act, 2013.
13) One Person Company means a company which has only one member.
14) Section 3 classifies the OPC as a Private Company for all the legal purposes with only one member.
15) All the provisions related to the private company are applicable to an OPC, unless otherwise expressly excluded.
16) In a Private Company, a minimum of 2 Directors and 2 Members are required whereas in a Public Company, a minimum of 3 Directors and a minimum of 7 members. Whereas OPC can be formed with one member and one Director.
17) Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC.
20) OPC totally differs from a Pvt Company
Shareholding:- The 100% shares of a One Person Company can be held by a single person.
21) A private limited company must have a minimum of two shareholders. That's why 100% of the shares of a private limited company cannot be held by a single person.
22) One Person Company is incorporated as a private limited company. By a single person with one Director.
23) One person cannot incorporate more than one OPC or become a nominee in more than one OPC.
24) Difference between One Person Company and a sole proprietorship. OPC is a separate legal entity with just one member.
25) Its allows a single person to run a company limited by shares and Sole proprietorship means an entity where it is run and owned by one person.
26) Fundamentally the basic difference between a sole proprietorship and an OPC is the way and manner in which the liability is treated in an OPC.
27) OPC is different from sole proprietorship because it is a completely separate entity and that is the distinction between the promoter and the company. Liability of the shareholder is limited to the unpaid subscription money in his name.
28) On the other hand the liability in a sole proprietorship, the person/owner is alone liable for the claims which will be made against the business.
29) Though the concept of an OPC has been incorporated in the Companies Act, 2013 but the concept of same does not exist in tax laws as yet.
30) In an OPC there is a nominee designated by the member. The nominee which will be a Natural Born citizen of India and who resides in India. On the death of the member, the nominee will become a member of the company. In the case of a sole proprietorship, this can only happen through execution of WILL.