wiz-icon
MyQuestionIcon
MyQuestionIcon
21
You visited us 21 times! Enjoying our articles? Unlock Full Access!
Question

Consider the following statements :
1.Neither the Companies Act, 1956 not the Companies Act, 2013 defines the term 'Person' i.e. the one member of OPC
2. The one member of OPC can be either a natural person or a Juridical person.
3. An OPC cannot be converted into any other class of company.
Which of the above statement/s is/are not true?

A
1 and 2
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
2 and 3
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
Only 2
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
Only 3
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
Open in App
Solution

The correct option is D Only 3
The conversion of a private limited into an OPC (One Person Company) is allowed as per the Companies Act, 2013, which provides a mechanism to convert one class of company into another.That the annual turnover of the company must be less than Rs. 2 crores during the past three consecutive financial years.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Financial Statements of Company
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon