The Companies Act, 2013 ('Act') regulates the establishment and working of a public limited company. A public limited company offers shares to the general public and has limited liability. Its stock can be acquired by anyone, either privately through Initial Public Offering (IPO) or via trades on the stock market. It is strictly regulated and is required to publish its true financial health to its shareholders. As per the provisions of the Companies Act, 2013 to start a public limited company, a minimum of 3 directors are required and there can be a maximum of 15 directors. The liability of each shareholder is limited. In simple words, a shareholder of a public limited company isn’t personally responsible for any loss or debts of the company for any amount greater than the amount invested by them; contrary to partnerships and sole proprietorships, where the partners and business owners are jointly and severally liable for the debts of the business. However, this characteristic of a public limited company does not offer immunity to the shareholders. The shareholders will be held responsible for their own illegal actions.