A private limited company is a business entity owned or controlled by two or more persons privately. This is the most popular and visible way to start a business in India. According to section 2(68) of the Companies Act, 2013 private companies are those companies whose articles of association restrict the transferability of shares and prevent the public at large from subscribing to them.
In the eyes of law, the private limited company is an artificial person and is separate from its directors and members. Due to this directors and members are not liable to pay debts in their personal capacity. For the formation of private limited in India, we require a minimum of two directors, and out of them, one must be an Indian resident. According to the law, a private limited has three types i.e. company limited by shares, a company limited by guarantee, and an unlimited company. By registering a private limited company we will grab the benefits of government schemes like Startup India, Standup India, Unsecured Loan, and many more.
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