A new concept has been introduced in the Company’s Act 2013, about the One Person Company (OPC).
Earlier, In a Private Company, a minimum of 2 Directors and Members are required whereas in a Public Company, a minimum of 3 Directors and a minimum of 7 members. This prevented a single person from running a company. But now as per Section 2(62) of the Company’s Act 2013, a company can be formed with just 1 Director and 1 member. It is a form of a company where the compliance requirements are lesser as compared to a private company.