Benefits in formation of pvt.ltd co.from individual business

Dear Ms.Bhakti,

                The major advantage of a Private limited company comes in the form of limited liability point where in case of liquidation the assets of shareholders are not liable to be seized by the creditors. Another advantage is the perpetual succession wherein directors and shareholders might change but company goes on for ever.The process of raising capital is less cumbersome and easy compared public cmpany.Moreover, any two directors can start a private company and the number shreholders can be atmost 50. Managing directors  can continue even after five years .

Thank U sir. and tell me drawbacks also from such conversion.one i know that flat 30% tax rate on profit will aply.

Other economically drawback is compulsory audit every year as per Companies Act...