Question
Which of the following statements correctly describes
the concept of 'One Person Company' (OPC) under the Companies Act, 2013?Solution
As per Section 2(62) of the Companies Act, 2013, a One Person Company (OPC) is: • A company that has only one person as a member, and • Is typically incorporated as a private company. OPCs allow individuals to enjoy the benefits of limited liability while doing business alone. • An OPC may voluntarily convert into a private or public company once it meets certain thresholds (like paid-up share capital exceeding ₹50 lakh or average annual turnover exceeding ₹2 crore — as per Rule 6 of the Companies (Incorporation) Rules, 2014). • It is not allowed to raise funds from the public. This form is ideal for solo entrepreneurs who want to formalize their business with legal recognition and limited liability.
Under the Mines and Minerals (Development and Regulation) Act, 1957 who has been given the power to amend the First Schedule and the Fourth Schedule so ...
Imprisonment for life is reckoned as equivalent to
Any contract or arrangement entered by director or any other employee without consent of Board or approval by a resolution in the General Meeting and no...
Which of the following legal systems is based on judicial precedent?
To set aside a sale by a Civil or Revenue Court the period of limitation as per provisions of Limitation Act 1963 to file suit is:
Code of Civil Procedure 1908 is a:
Non cognizable offence means
Doctrine of Frustration of contract is laid down under which section of the Contract Act?
Which of the following is the objective of the IRDA Act?
The principle of confidentiality in the arbitration and conciliation act 1996 is laid down in
