A One Person Company needs to be converted to a Private Limited Company based on the following situations; If there is an increase in the paid up capital of the One Person Company and it exceeds Rs. 50 Lakhs It is also when the average annual turnover during the period of initial three consecutive financial years is more than Rs. 2 crores.
There are different types of Companies like Private Limited Company, Limited Liability Partnership (LLP), One Person Company (OPC), Nidhi Company, Public Company, Partnership, etc.
Examination: After waiting for about a minimum of 30days for objection the work needs to get clearance from the Registrar of Company only then it can continue for further registration.