Almost 90 percent of the Companies incorporated in India are registered as Private Limited Companies. It is governed by the MCA (Ministry of Corporate Affairs) & regulated by the Companies Act, 2013 & the Companies Incorporation Rules, 2014. As the name suggests, a private limited company means privately held business. It is held by private stakeholders. Or a private limited company is owned entirely by a relatively small group of individuals or by family members. And the private limited company is required to have minimum two (2) directors and maximum fifteen (15) directors (can have more than 15 by passing special resolution) and private limited company can have minimum member (shareholders) two (2) and maximum two hundred (200) shareholders. Company members and directors are often the same people, which means a company can be owned and managed by the same people.
     In India, many startup businesses or entrepreneur choose to operate business under private limited company. Unlike working as a sole proprietorship or being in a partnership. A Private Company Limited by Shares (or just a Private Limited Company) is a classic form of legal entity that is separate and distinct from its shareholders and directors. Or in other word Private Company is a separate legal entity having perpetual succession, with limited liability only up to the share of capital. A shareholder is not personally liable to the amount of the debt and its personal assets won’t attach to pay the debt.

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Characteristics of Private Limited Company

Separate Legal Entity A Company is a separate legal identity in the court of the law, means assets & liabilities of the business are not the same as the assets & liabilities of the members, both are counted as different.	Limited Liability The liability of each promoter is limited to the contribution made by them. Promoters are under no obligation to pay any more than the value of the shares they have taken in the business.
Perpetual Succession A company hold ‘perpetual succession’ status which means the company continues existing according to the law even on account of death, insolvency, the bankruptcy of any of its members.	Name Every company registered under Companies Act, 2013, must add suffix that indicates the type of company. For company registered as Private Limited Company words “Private Limited” is suffix.
Restriction of selling share There is a restriction on the transferability of shares in these companies. But not prohibited by the Company act. Shareholders need to discuss & take consent of other shareholders for the transfer of shares.	Separate Management A company is administered and managed by its Board of Directors. The shareholders are simply the holders of the shares in the company and need not be necessarily the managers of the company.

Benefits of Private Limited Company

Funding Opportunities
The ability to raise capital and encourage investment into your business is one of the advantages of a Pvt Ltd Company. Raising money under partnership firm can be difficult.

Greater Flexibility
A private company is required to perform lesser legal formalities as compared to a public company. It enjoys special exemptions and privileges under the company law.

Tax Efficient
It’s well known that a Private Limited Company is more likely to be tax efficient compared to a sole trader, and that is one of the many reasons it’s a popular business model in India.

Prestige & Assurance
The transparency of running your small business as a private limited company provides a level assurance to potential investors, partners, customers and other stakeholders.

Document required 

• PAN CARD
• Self attested PAN Card issued by I.T. Department
•  AADHAR CASelf attested Aadhar Card issued by UIDAI
• ID  PROOF
• ADDRESS PROOF                                           
• One month bank statement or telephone bill
• PHOTOGRAPH
• A latest passport-size colour photographs
• UTILITY BILL                                  
• Latest electricity bill with NOC