No one person company can convert voluntarily into any kind of company unless two years have expired from the date of incorporation of One Person Company, except
a) threshold limit is increased beyond fifty lakh rupees (paid up share capital) or
b) its average annual turnover during the relevant period exceeds two crore rupees.
A Private Company has privilege over One Person Company as it can increase its number of members up to 200 for raising further funds for expansion.