Introduction: Want to know about pvt ltd companies, how they work, types and many more details? so read this blog post.
A private company is a company that is owned by non-governmental organizations or a relatively small number of shareholders or members of the company. Generally, a private company does not sell or trade its shares to the general public on stock exchanges, but rather the company's private stock is owned and traded.
The Companies Act
The Companies Act, 2013 allows shareholders and members to form different types of companies, with varying levels of liability. Apart from choosing between the forms of organisations (LLP, Private Limited Company, a personal company), promoters can also choose from the following three forms of private limited company depending on the requirements of the company. Want to get the list of Pvt ltd companies in India, Click on the text link given.
Types of Private Limited Company
1. Company limited by shares In these companies, the liability of the members is limited to the nominal share amount mentioned in the memorandum of association. The shareholder cannot be held liable or asked to pay more than his share capital invested in the company.
2. Company limited by guarantee In a private limited company limited by guarantee, the liability of the members is limited to the amount of liability undertaken by each member in the memorandum of association. Consequently, the members of a private limited company limited by guarantee cannot be held liable for an amount greater than the amount of the guarantee undertaken by the member in the memorandum of association.
Furthermore, the shareholder's guarantee in a company limited by guarantee can only be invoked in case of the company's winding up. The members' guarantee of a company limited by guarantee cannot be invoked if the company is a going concern.
3. Unlimited companies Unlimited corporations are businesses that have no restrictions on the liability of their members. The liability of each member extends to the full amount of the company's debts and liabilities. Therefore, the creditors of an unlimited company, if the company is wound up, have the right to impose the company's debts and liabilities on the shareholders.
Despite not being given limited liability protection, an unlimited company is still considered a separate legal entity. Therefore, the members of an unlimited firm cannot be sued individually.
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