The Concept of One Person Company(OPC) is a new form of business introduced by Companies Act,2013 thereby enabling Entrepreneur(s) carrying on the business in the sole proprietor form of business to enter into a corporate network.
In simple words we may say that One Person Company is a hybrid of Sole proprietor and Company form of business, and has been provided with concessional/relaxed requirements under the Act.
One Person Company is a company with only one person as a member. That one person will be the shareholder of the company. It avails all the benefits of a private limited company such as separate legal entity, protecting personal assets from business liability, and perpetual succession. One Person Company (OPC) is a Company registered with ONLY ONE PERSON as its shareholder. An OPC is classified as a private company under Companies Act.