A business outfit is said to be a public limited company when it

A business outfit is said to be a public limited company when it sells its shares to members of the public. In a public limited company, shares of the company can be bought and sold by members of the public through a stock exchange. The company is owned by shareholders who have limited liability and are not personally responsible for the company's debts. Public limited companies are regulated by the government to protect investors and ensure that the company operates fairly and transparently.