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A public limited company has limited liability and can sell shares to the general public to raise finance. It has advantages like limited liabilities, being a separate legal unit that allows for large capital raises with no restrictions on share numbers. However, it also has disadvantages such as complicated legal formalities, more regulations and controls that make it difficult to control, and expenses associated with selling shares to the public which can cause a loss of control. Public limited companies operate in the private sector of industry and are owned by private individuals, with examples including Indian Oil Corporation Limited, Reliance Industries Limited, and Hindustan Petroleum Corporation Limited.Read less