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A private company is a type of company which, by its articles of association, restricts the right to transfer its shares, limits the number of its members to a prescribed limit, and prohibits any invitation to the public to subscribe to its shares or debentures. Under the Companies Act, a private company is defined as a company that has a minimum of two members and a maximum of 200 members, except in the case of one-person companies. It enjoys certain privileges, such as exemption from holding statutory meetings, restrictions on the issuance of prospectus, and less stringent compliance requirements compared to a public company. The key distinctions between a private company and a public company are as follows. First, membership and share transfer: a private company has a restriction on the ______ _________ ________ __________ __________ ______ __________ ________ _______ _____.
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