Query on One Person Company and Sole Proprietorship
Need some info about OPC and sole proprietor.?
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Normally to incorporate a Company in India, there has to be minimum 2 promoter (shareholder). Under the new Company Act, 2013, new concept of OPC has been introduce whereby only One Person can form a Company instead of requirement of having minimum 2 Share holders. however, there is a Cap on OPC i.e. if the turn over or the authorized share capital of this company raises above Rs. 50 lac, then OPC has to be compulsory be converted into Private Limited Company, (having minimum 2 promoters)
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Vivek N Mapara
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