Question

this type of company can be formed with a single person​

Answer 1

Answer:

Private company: Section 3(1)(c) of the Companies Act says that a single person can form a company for any lawful purpose. It further describes OPCs as private companies. Single-member: OPCs can have only one member or shareholder, unlike other private companies.

Answer 2

Answer:

One person company (OPC) means a company formed with only one (single) person as a member, unlike the traditional manner of having at least two members. The concept of OPC is not alien to the world.