Last updated: May 30th, 2023 5:01 PM
Procedure for Converting Private Limited Company to OPC
One Person Company (OPC) is a relatively new business concept introduced under the Companies Act 2013. As the name suggests, it allows for the registration of a company with a single individual as its sole owner. On the other hand, a Private Company is a type of company privately held by a small group of individuals. The Companies Act 2013 provides the provision for converting one class of companies to another. In some instances, private limited companies may choose to convert into OPCs due to the need for less legal compliance. In this article, we will explore converting a private company into an OPC, discussing the necessary steps and requirements involved in this conversion procedure.Private Limited Company
The Companies Act 2013 defines a Private Limited Company under Section 2(68). It is a privately held company or closed corporation where the shares are not traded publicly. The Article of Association (AoA) of a Private Company imposes restrictions on the transferability of shares.
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