Best Private Limited

• March 09, 2024
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To answer the question "What is a private limited company?" take into account the following details: According to Section 2 (68) of The Companies Act, 2013, a private limited company is a distinct legal person with limited liability that is privately held. Unlike other public firms, it does not offer its shares for free transfer to the general public. With a private limited corporation, the firm alone is responsible for all business losses and obligations, and shareholders may not be held liable for debts acquired by the company. The individual shareholder's liability in a private limited company limited by guarantee is capped at the sum he guarantees in the MOA. As a result, their liability is limited to the sum for which they have given a guarantee. Additionally, they are only permitted to use this assurance if the business is closed permanently.

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