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Private Limited Company can be formed with minimum of two members which could be later extended up to two hundred members. Minimum two directors are required in the beginning. A properly formulated registration procedure is mentioned in companies Act. You may ask that why should one opt for Private Limited Company when there is LLP. In order to answer this particular question a few advantages and disadvantages of Private Limited Company are mentioned below which might convince you to start your own Private limited company.
Advantages:
· A PVT Limited company has a separate identity and is recognized as a separate company under law. The company can also own property due to this feature.
· Private Limited Company has stability due to limited financial liability. Liabilities are limited to their stocks only. Hence it protects the individual assets and income of stockholders at times of any financial crisis faced by the company.
· It gives the company more authority of risks taking.
· It is not affected by the status of its owner i.e. inability to continue or death of the owner does not obstruct the proceedings of the company.
· Up to two hundred shareholders are allowed in the company along with another two hundred members. Hence, this makes it easier to raise capital funds in comparison to other forms of companies increasing the scope of expansion in future.
· Private limited companies are also flexible in terms of relation with the shareholders.
