Types of joint – stock companies

Public limited companies

These   consist   of not less than   seven   (7) members   and there is no maximum number.  The shares are freely transferable   to the public.  That is, members who wish to sell their shares the public are free to do so.

Private limited companies

These consist of a minimum of twenty (20) members and a maximum of fifty (50) members.  The shares are not freely transferable   to the public.  That is, a member   who wishes to sell his shares has to first consult all   the other members   within the company   before he floats them to the public.