Company Accounts
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Members — Minimum — Private Ltd / Public Ltd?
Private Ltd: 2; Public Ltd: 7
What is the governing legislation for companies in India?
Companies Act, 2013 governs all Indian companies.
Members — Maximum — Private Ltd / Public Ltd?
Private Ltd: 200 (except OPC); Public Ltd: No limit
What is the defining feature of 'perpetual succession' in a company?
Company survives death or insolvency of any shareholder.
Directors — Private Ltd / Public Ltd?
Private Ltd: Min 2, Max 15; Public Ltd: Min 3, Max 15
What is the legal status of a company as an artificial person?
Created by law, distinct from members, can sue and be sued.
Share Transfer — Private Ltd / Public Ltd?
Private Ltd: Restricted by Articles; Public Ltd: Freely transferable
After which amendment did the Companies Act make use of common seal optional?
Companies (Amendment) Act, 2015 made common seal optional.
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