One Person Company
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.
