PUBLIC LIMITED LIABILITY COMPANY/ JOINT STOCK COMPANY
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A Public
Limited Liability Company is defined as one which by its articles allows
the public to subscribe for its shares, must have a minimum of 7 persons but no
maximum number. It allows the shares to be transferred and the name of the
public limited company must end with the abbreviation "plc".
Public meaning that any member of the public
is free to purchase shares in the business when shares are advertised for sale.
Public limited company is usually owned by private individuals and
organizations.
Public Limited Liability Companies or Joint
Stock Companies are organisations which have separate legal entity. It is
regarded in law as having an identity of its own. The Shareholders are not
personally responsible for anything that is done in the name of the
organisation. The shareholders also enjoy the advantage of a large number of
people who through the purchase of shares become owners of the company. For
Example- First Bank Plc, Texaco Nig. Plc etc.
FEATURES/CHARACTERISTICS
OF PUBLIC LIMITED LIABILITY COMPANY:
