Define OPC (One Person Company) and state the rules regarding its membership. Can it be converted into a non-profit company under Section 8 or a…

One Person Company (OPC) [Section 2 (62) of the Companies Act, 2013]: The Act defines one person company (OPC) as a company which has only one person as a member. Rules regarding its membership: Only one person as member.The memorandum of OPC shall indicate the name of the other person, who shall, in the event of the subscriber’s death or his incapacity to contract, become the member of the company.The other person whose name is given in the memorandum shall give his prior written consent in prescribed form and the same shall be filed with Registrar of companies at the time of incorporation of the company along with its e -memorandum and e -articles.Such other person may be given the right to withdraw his consent.The member of OPC may at any time change the name of such other person by giving notice to the company and the company shall intimate the same to the Registrar.Any such change in the name of the person shall not be deemed to be an alteration of the memorandum.Only a natural person who is an Indian citizen whether resident in India or otherwise and has stayed in India for a period of not less than 120 days during the immediately preceding financial year -shall be eligible to incorporate a OPC;shall be a nominee for the sole member of a OPC.No person shall be eligible to incorporate more than one OPC or become nominee in more than one such company.No minor shall become member or nominee of the OPC or can hold share with beneficial interest. OPC cannot be incorporated or converted into a company under section 8 of the Act. Though it may be converted to private or public companies in certain cases.