One Person Company is a new concept introduced in India after coming into effect of the Companies Act, 2013. One Person Company means a Company which has only one person as its Member. And OPC can be registered as Private Company only. It gives a single promoter full control over the Company while limiting his liability to the Capital introduced into the business. It is advisable to form OPC for small businesses where the turnover of the company is Less than Rs. 2 crore and paid up share capital of the company is less than Rs. 50 lakhs. Once the Limit of Turn over or capital is reached OPC needs to compulsorily converted into Private Company. One Person Company is a separate legal entity having only one individual as a member. Banks and financial institutions prefer to lend money to the company form of business rather than Sole Proprietorship or Partnership Firms. Further number of compliances are Less as compared to other forms of business like Public Company and Private Company.