Public Limited Company
A public limited company is a voluntary association of members which can be incorporated by seven or more persons and a Minimum of 3 Directors. It has separate legal existence apart from its members who compose it. It must have a minimum of seven members but there is no limit as regards the maximum number. Its shares are freely transferable and that too without the prior consent of other shareholders.
It is an independent legal person, its existence is not affected by the death, retirement, or insolvency of any of its shareholders. These companies can accept deposits from the public.