- Under the provisions of the Companies Act, a private company is any company whose articles of association:
- Limit the number of members to 50 excluding current and former employeeswho are members.
- Restrict the right to transfer its
- Prohibit any invitation to the public to subscribe for its shares or
Other Characteristics include:
- Has at least one
- Entitled to commence business from the date of
- Not obliged to hold the statutory
- Not obliged to publish accounts.