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One Person Company

By Tuesday, 18-June-2019

OPC Registration:-              

                  Where the proposal is to undertake the business of banking, it can be carried on without registration as a company if the number of persons joining together for the business is not more than ten. If there are more than ten persons who together intend to do banking business, they cannot do so unless they form company and register it under the Act OPC Registration.

                     The mandatory need for registration as a company arises only when an association of more than twenty persons intends to vary on some business other than banking with the object of acquisition of gain.  Acquisition of gain or the intention to earn profit is the important criterion OPC Registration. 

                   When an association was formed with the object of acquiring land and division thereof amongst the members, such an association was formed with the object of acquiring land and division thereof amongst the members, such an association was held outside the ambit of the statutory provision OPC Registration.