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As defined by Section 2 (68) of the Companies Act 2013, a private company is a company whose Article of Association (AoA) prevents the transfer of its shares, along with this, it also prevents a large number of the public from subscribing to the same.
In simple words, a private limited company is a business entity with private ownership. It is usually owned by non-governmental organizations or relatively small shareholders or members of a company.
One of the major benefits of the private limited company is limited liability. During financial distress, limited liability ensures that the members do not have to pay more than the nominal value of the share held by the member.
For instance, in case the company is not able to pay off the loan, the members of the company will only be liable to pay the amount they own towards their shareholding. Thus, apart from this, a member is not liable to pay the unpaid amount of the loan.
