What is the minimum number of members to form a private company as per law?

2

The correct answer is option 1 i.e. 2.

A Company is a legal entity formed individuals, shareholders, or investors coming together to conduct business for profit. The features of a company can vary based on its type (e.g., private , public, limited by shares, limited by guarantee) and the jurisdiction in which it operates. A private company is one which by its articles of association:
(a) Restricts the right to transfer its shares.
(b) A private company must have at least 2 persons, except in case of one person company.
(c) Limits the number of its members to 200 (excluding its employees).