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Asked by Harsh Last Modified
Answer 
It is important to know the difference here so I am glad you asked. As their names suggest, both limit the liability for its stockholders as long as the company runs as it should and doesn't run into problems that would pierce the corporate veil. There are certainly differences which exist between the two though.
i. A private company does do not offer stock to the general public is usually referred to as closely-held because stockholders are typically the founders, family members, and/or employees has no duty to disclose finances to the public & avoids the SEC.
ii. A public company can generate a great deal of financing by selling stock to the general public, which is traded on an exchange must abide by numerous SEC reporting requirements has separation between ownership and control of the company.
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Private Limited Company: As per companies Act 2013, Minimum no of Person to commence a private limited company is Two (2) and the Maximum no of person is 200.
Public Limited Company: As per companies Act 2013, Minimum no of Person to commence a public limited company is Seven (7) and the Maximum no of person is unlimited since we are inviting the general public to invest in shares through initial public offer (IPO).
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