What is a Private Limited Company?

Explain briefly what is a Private Limited Company?
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Two to fifty persons can form a private limited company. Minimum two members are elected to form a board of directors. This board is given the responsibility to run day to day business of the company. Source:
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"Personal businesses restricted to shares are often necessary to have the suffix ""Constrained"" (frequently published ""Ltd"" or ""Ltd."") or ""Incorporated"" (""Inc."") in their own identify, although the second item can not be utilized in the british isles or Democracy of Ireland in europe; companies established through Deed associated with Fantan might not have Limited in their name."
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