Private Limited Company

Membership: A minimum of 2  and maximum of 200 shareholders are required in order to start such a company.

Directorship: Minimum 2 directors are required  for incorporating apvt ltd company.

Limited liability structure:  In case of dissolution, insolvency or any other adverse circumstances, shareholders obligation is only upto the face value of the shares subsribed by them. Eg if Mr X has 1000 shares and face value of each share is Rs 10, then his maxiumum liability would be 1,000*Rs10 = Rs 10,000 

Separate legal entity: This is a separate legal entity, ie it has its own existence. Directors only person entrusted by company.  Company can sue someone and it can be sued by someone in court of law. It can hold property in its own name.

Perpetual succession. This means that even if all the members die, or the company becomes insolvent or bankrupt, the company still exists in the eyes of the law. The life of the company will be perpetual, not affected by the lives of its shareholders or members unless dissolved by law. It can end only by following the process framed by law in force. 

Minimum paid-up capital: A private limited company requires to have and maintain a minimum paid-up capital of Rs. 1 lakh. This amount is paid by shareholders to the company and is kept in bank account of company after incorporation. During 1st Board meeting, amount is asked by the company from its members which is called as "Call money" by finance professionals. And when amount is paid, it becomes Paid Up Capital of the company.