A company with only one person as a member is called a One Person Company. This is a paradigm shift from the Companies Act 1956, where minimum two members are required for float private limited company as well as a public company.
For the first time the concept of One Man Company or OPC was introduced in India under Companies Act 2013 and the intent apparently has been to permit entrepreneurship of a single individual, wanting to obtain the benefit of a corporate form of organization. This concept has opened huge business opportunities for small entrepreneurs.
A single individual can form a company satisfying all the legal requirements of the law for a definite purpose, usually for profit making. A One Person Company has only one person as a member who will be promoter and director of the company. Therefore it is a single shareholder corporate entity, where legal and financial liability is limited to the company only.
A nominee can withdraw his nomination by giving his consent to the member and the OPC. In that case, the member shall nominate another person within 15 days of the notice of withdrawal after obtaining his written consent and send intimations of such nomination to the company. The OPC is required to file the notice of withdrawal of consent and fresh nomination within a period of 30 days from the notice of withdrawal.