Private Business Corporation (PBC)
Key Features of Private Business Corporation (PBC)
- It is a separate legal entity.
- Audited financial statements are not required.
- It can become a shareholder in other companies.
- The shareholders or owners are called members.
- All members of a PBC may take part in the management.
- Meetings are not compulsory and can be held on an ad hoc basis.
- The members/ shareholders/ owners are not personally liable for the debts.
- The legal procedures for registration and administration are kept relatively simple.
Private Limited (Pvt) Limited
Key Features of Private Limited Companies
- A Private Limited Company (PLC) is a legal entity.
- Audited financial statements are required for Private Limited Companies.
- Meetings are compulsory and are held as general or extraordinary general meetings.
- Private Limited Companies (PLCs) can become shareholders in other companies.
- The shareholders or owners of a Private Limited Company are called members.
- The members/ owners or shareholders of a PLC are not personally liable for the debts of a Private Limited Company.
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