Difference between a PLC & a PBC
Difference betwen a PLC and a PBC
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What you need to know
Differences between a Private Business Corporation and a Private Limited Company.
PRIVATE LIMITED COMPANY |
PRIVATE BUSINESS CORPORATION |
| Incorporated under the Companies and Other Business Entities Act (Chapter 24:31). | Incorporated under the Companies and Other Business Entities Act (Chapter 24:31). |
| Popular amongst small, medium and big businesses. | Popular amongst small businesses including home industries and professionals who normally operate as individuals such as lawyers, doctors, architects etc. |
| Is a distinct legal entity from its owners, and is responsible for its own debts. | Is a distinct legal entity from its owners, and is responsible for its own debts. |
| Requires a minimum of 2 directors. | Can accommodate 1 member (director). |
| Maximum number of directors is 50. | Maximum number of members is 20. |
| At least one director has to be ordinarily a resident of Zimbabwe. | Members can be resident anywhere in the world – there is no requirement for members to be Zimbabwean residents. |
| Both individuals and companies can be shareholders. | Only individuals can be shareholders. |
| Shareholders are owners and can be different from directors. | Members (Directors) are the same as shareholders or owners. |
| Directors adopt articles of association to regulate the activities of the company. | Members adopt by-laws to regulate the activities of the company. |
| Annually files annual returns and a declaration of an annual general meeting. | Annually files a declaration of continuance. |
| It has perpetual existence. | It has perpetual existence. |
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Frequently asked questions
What is the best company structure?
A Private Limited Company is the best company structure. It is well known and accepted in all organisations. It has all the requirements requested by most organisations to do business with them. It allows you to carry on any business that you can think of.
Does a PBC and a PLC pay the same taxes?
A PBC and a PLC pay the same taxes.
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