A Private Company, other than a company registered under section 8 of the Act, having paid up share capital of Rs. 50 Lakhs or less or average annual turnover during the relevant period, of two crore rupees or less, may convert itself into one person company. In One Person Company, the promoter can be the director as well as the shareholder. He need not to appoint anyone else except a nominee. Appointment of nominee is must as in events of incapacity, death or insanity of the promoter; the nominee gets the charge to run the business.