Superiority of a Private company

A private company is a compromise between partnership firm and public company because it combines the feature of both. Like a partnership, a private company can be started with two members. It can take quick decisions and can maintain business secrecy as in case of partnership. In a private company the owners can retain direct control and there is personal motivation to work hard and improve profits. Like the public company, a private company has separate legal entity, limited liability, perpetual exempted and the capacity to raise larger financial resources. Moreover, a private company enjoys  certain privileges over the public company Act, e.g., certificate to commence business, filing prospectus, holding statutory meeting, publication of annual accounts, appointment of managing director, etc.


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