A private limited company is a voluntary & independent involvement of not less than two and not more than fifty members, whose liability is limited, the transfer of shares is limited to its members and is not allowed to invite the general public to subscribe to its debentures or shares.
A Private Limited Company is the most popular form of business entity, which is used for by many businessmen in India. As per the new of Companies Incorporation rules.
Section 2 Sub section (68) defines the Private Company. The “private company” means a company having a minimum paid-up share capital of one lakh rupees (Not Applicable Now) or such higher paid-up share capital as may be prescribed, and which by its articles,—
(i) restricts the right to transfer its shares;
(ii) limits the number of its members to two hundred:
Provided that where two or more persons hold one or more shares in a company jointly, they shall, for the purposes of this clause, be treated as a single member:
Provided further that—
(A) persons who are in the employment of the company; and
(B) persons who, having been formerly in the employment of the company, were members of the company while in that employment and have continued to be members after the employment ceased,
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