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The Liabilities of the members of the Private Limited depends on the shares of the members of the Private Limited Company as the Private Limited Company (PLC) is a separate entity So the members should not have their assets for the liability payment in the firm.
The Private Limited Company get benefits in taxes compared to the public sector companies and can pay corporation tax and avoid the high taxes to pay.
The public sector companies need proper licensing and legal documents but the Private Limited company can get Foreign Direct Investment and can expand business at International places.
The benefits for the Private Limited Company is due to its possession of the different laws.
The Private Limited Company can be formed in simple and easy ways compared to the other companies such as public sectors.
Private Limited Company can exist a lifetime.
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Private Limited Company is a legal entity and a juristic person established under the Companies Act. Hence, a company has a range of legal capacities including opening of a bank account, hiring of employees, taking on equity or obtaining licenses and more as an independent corporate entity. The members (Shareholders/Directors) of a company have no personal liability to the creditors of a company for company's debts..
Private Limited Company has 'perpetual succession', meaning uninterrupted existence until it is legally dissolved. A company being a separate legal person, is unaffected by the death or other departure of any member and continues to be in existence irrespective of the changes in ownership..
Ownership of a business can be easily transferred in a company by transferring shares. The signing, filing and transfer of share transfer form and share certificates are sufficient to transfer ownership of a company. In a private limited company, the consent of other shareholders may be required to effect share transfers..
Private Limited Companies can raise equity funds in India. Companies can also issue equity shares, preference shares, debentures and accept deposits with RBI permission. Banks and Financial Institutions prefer to provide funding to a company rather than partnership firms or proprietary concerns..
Private Limited Company being an artificial person, can acquire, own, enjoy and alienate, property in its name. The property owned by a company could be machinery, building, intangible assets, land, residential property, factory, etc., No shareholder can make a claim upon the property of the company - as long as the company is a going concern..
Any person over the age of 18 years can become a director in a company. Also, there are no conditions on residency or citizenship. Hence, NRIs and Foreign Nationals can easily start and manage a private limited company in India..
The Private Limited Company can be classified into three types and that is:-
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