A Private Limited Company (PLC) is a privately owned and operated small business that is one of the most popular ways to start a business in India. Private limited company registration in India is governed by the Companies Act of 2013. While a private corporation must have at least two shareholders to be formed, the Companies Act of 2013 allows for a maximum of 200 members. If a private limited firm suffers financial risk, its shareholders are not subject to sell their personal assets, i.e. they ought to have limited responsibility.