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Question
A company in which there are maximum 50 members.
Solution
Private company is the company in which there are maximum 50 members.
A private company can have minimum 2 members and maximum 50 members. Hence, as per the definition of a private company, any company with less than two members will be regarded as a sole proprietorship firm. On the other hand, if the number of members exceeds 50, it will be regarded as a public company.
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