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Advantages of Private Limited company include having a Limited Liability (Members of the company are not personally affected in case of a dispute). Additional benefits include Easy fund raising, Expansion, Tax Advantages, Dual Relationship with the parties, etc.
1. Distinct Legal Entity:
The Private Limited Company has a distinct existence and a juristic person(not a natural person or human being) established under the Act. This Company form has a wide legal capacity and is permitted to own property along with incurring debts. Members and Promoters are separate from the company. Who are not bound by any act of the company. Hence the distinct legal entity that benefits the members.
2. Limited liability:
Members are not accountable for the debts of the company. The shareholders are only liable/responsible for their share of money which they've invested in the company. Shareholders liability is limited to their unpaid amount of shares only.
3. Owning the Company:
Since the company is a juristic person it is the only owner and no one can demand the ownership of the company. The shareholders can't make any claim upon the property of the company, the Company itself is the true owner. Although, At the time of dissolution after paying every debt, Shareholders can claim their amount from the property of the company
4. Funding:
Funds can be borrowed to a great extent by issuing the debentures. More likely, Company raises funds by shareholders as well. The Banking and Financial Organizations are more likely to assist a Private Limited Company rather than other forms of business.
5. The Scope of Expansion:
There is a higher scope of expansion because it is easy to raise capital from the financial institutes. And a Private Limited Company can be converted into other forms of business as well, it can be converted into a Public Limited Company, Nidhi Company, etc. .
6. Tax Advantages:
Private Limited Companies enjoy tax advantages added on to the limited liability wherein the companies pay corporation tax on their taxable profit and tend to get excused from higher personal income tax rates. Instead of being a sole trader forming of a company leads to increase in tax deduction and allowances redeemable against profits.
7. Dual Relationship:
This means in a Private Limited Company it is possible to make an effective contract with any of its members. A person can be at the same time be a shareholder, creditor, director and also an employee of the company. It is flexible regarding the members of the company.
