Every private limited company must have minimum of 2 members and maximum of 200 members. The name of the company with the last word “Private Limited “in the case of a private limited company. All private limited companies having paid up share capital of Rs.20 crores. Private limited company must have minimum 2 directors. The maximum number of directors for a private limited company is 15 directors. The Articles of Association (AOA) of a private limited company restrict the transfer of shares. A private limited company may start their business immediately on incorporation.
A company is maintaining the liability of its members limited by the memorandum to the amount. If any, unpaid on the shares respectively held by them.
Means a company is maintain the liability of its members limited by the memorandum to such amounts as the members may particularly manage and contribute to the assets of the company.
A company is not owning any limit on the liability of its members is named as an “Unlimited Company”. The members of an unlimited company are fully liable for all debts of the company. An unlimited companies may or may not have a share capital.