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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 employees who are members.
- Restrict the right to transfer its shares.
- Prohibit any invitation to the public to subscribe for its shares or debentures.
Other Characteristics include:
- Has at least one director.
- Entitled to commence business from the date of incorporation.
- Not obliged to hold the statutory meeting.
- Not obliged to publish accounts.
raphael answered the question on April 17, 2018 at 18:02
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