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Unlike proprietorships and partnerships, private limited companies enjoy certain exemptions and privileges, which
are peculiar to their constitution and nature. A private limited company is variously described as, ëquasi-
partnershipí, ëfamily concerní, ëclose corporationí etc. A private limited company also has many advantages over
proprietorships
and partnerships, as elaborated below.
proprietor or partners can be at risk in the event of a taken more seriously than a proprietorship/partnership
failure of the business, but this is not the case for a status does.