When a company is called One Person Comp

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Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Shares

Question:

When a company is called One Person Company?

Options:

Only 2 persons are member

Only 10 persons are member

Only 3 persons are member

Only 1 person is a member

Correct Answer:

Only 1 person is a member

Explanation:

One Person Company (OPC): Sec. 2 (62) of the companies Act, 2013, defines OPC as a “company which has only one person as a member”.