Definition of a public limited company
As a legally incorporated entity, a public company has a distinct legal identity, and is entitled to the right to hold properties and assets in its name.
Characteristics of a Public Limited Company
The characteristics of a Public Ltd Company differs slightly from other kinds of companies, like private limited companies and one person companies. We have mentioned all the characteristics of a Public Limited Company below.
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Minimum Paid-up capital
A public ltd company must have at least Rs 5 lakhs as paid-up capital, or any larger amount specified by the Companies Act, 2013.
Necessities for enrollment of Public Limited Company
- For a public limited company to get established, at least seven shareholders are required.
- For a public limited company to be formed, at least three directors are required.
- It is necessary to have a basic offer capital of Rs. 5 lakhs.
- When submitting the application for incorporation of a public limited company, self-attested copies of Identity and address proof and a Digital Signature Certificate of the director who has been authorized to sign the application on the behalf of the company.
- The Director Identification Number of all directors of the company will also be required to be furnished in the application of company incorporation.
- The name of a Public Limited Company has to be unique, original, and legally valid.
- It is necessary that a public limited company must have a registered office address where its main office or its principal place of business is located.
- The public limited company must be established with a lawful purpose or objective. The primary business activity with which the company operates is considered as its primary purpose or objective.
- Among the two most important documents that a company must draft are the Articles of Association and the Memorandum of Association.