A public limited company can solicit deposits and can issue shares to public at large. the businesses with a large scale of operation and with an expansion plan should opt this form of business. the minimum number of 7 persons are required as shareholder and 3 as directors to set up a limited company and there is no cap on the maximum number of shareholders.
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. 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, 2013 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.
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