private limited company

Question 1

advantages

Answer 1

owners have limited liability.
ownership is not lost to outsiders.
the business usually retains a close friendly feel with a high level of customers.

Question 2

disadvantages

Answer 2

profits have to be split with many shareholders by issuing dividends.
a limited source of capital is available as shares are not sold publicly.
a complicated legal process is required to set up the company.