A one-person company (OPC) is a type of private company that can be formed by a single individual. This concept was introduced to encourage sole proprietors to enter the corporate framework with fewer compliances compared to other private companies. Key features include:
Single Member: Can be incorporated by one individual as the sole member and shareholder.
Limited Liability: The liability of the member is limited to the extent of the unpaid share capital.
Separate Legal Entity: OPC enjoys the status of a separate legal entity distinct from its owner.
Nominee Requirement: The sole member must appoint a nominee who will take over the company's affairs in case of the member's death or incapacity.
https://www.registerkaro.in/types-of-companies