Question
What do you understand by a Public Limited Company? What are its disadvantages?
Answer :
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A public limited company is a voluntary association of members which is incorporated and, therefore has a separate legal existence and the liability of whose members is limited. Its main features are :-
- The company has a separate legal existence apart from its members who compose it.
- Its formation, working and its winding up, in fact, all its activities are strictly governed by laws, rules and regulations. The Indian Companies Act, 1956 contains the provisions regarding the legal formalities for setting up of a public limited company. Registrars of Companies (ROC) appointed under the Companies Act covering the various States and Union Territories are vested with the primary duty of registering companies floated in the respective states and the Union Territories.
- A company must have a minimum of seven members but there is no limit as regards the maximum number.
- The company collects its capital by
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