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A Private Limited is a separate legal entity as distinct from its members, and is separate at law from its shareholders,directors, promoters etc. A Pvt Ltd Company have the capacity to own properties, incur debts and exercise a number of legal rights.
A Pvt Ltd Company exercise “Perpetual Succession”; which means that a company’s life is not determined by the longevity of its members, shareholders, promoters, directors, employees or anyone else. If a shareholder dies, or hypothetically, all the shareholders of Private Limited Company dies or resigns , only their shares in the company will be transferred to new people.