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definition:
A private limitd company is usually a smaller business with all the shares owned by a restricted number of people, often members of the same family. A shareholder can only sell shares if all the shareholders agree.

characteristics:
it can be formed with a minimum of two shareholders. They must appoint at least one director and a company secretary. They can not be the same person.

example:
sixt

owner of sixt:
owner: sixt AG detuschland
directors: iahgaoi
******

advantages
-limited liability
-the financial risk that you are taking is restricted
-you can increase your capital by selling shares
-if the owner dies the company still exists
-more credit-worthy than smaller businesses

disadvantages:
- more expensive to set it up, because you need a bigger share capital and you have to employ a solicitor
-needs an accountant
-has to hold annual general meetings
-has to be registered with the Companies Registration Office
-less flexible in some ways