A public limited company has to undergo three stages whereas a private company needs only first two stages." in light of the above statement, identify the process and explain the first two stages needed by the private company
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A Private limited company is a business entity regarded as an artificial person where the funds for running the business is raised through issuing shares to public and the shares of the company's stock can be bought and sold by private shareholders.
The stages require for the formation of a private limited company are:
1. Planning
2. Feasibility analysis
3. Incorporation
a) Naming of the company
b) Filling up Registration Form
c) Preparing documents and submitting for registration
d) Obtaining commencement certificate
4. Flotation Stage
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