There are restrictions on the maximum number of partners that can be in a partnership firm, usually 20, except for professional partnerships which can have more. A limited company form is needed when the size of a project requires more capital than a partnership allows, it provides limited liability to shareholders, and offers some tax benefits. Companies are regulated by the Companies Ordinance and Securities and Exchange Commission of Pakistan. They can be private or public, and public companies can be listed on a stock exchange or not. Formation involves reserving a company name, and creating memorandum and articles of association that specify objectives, address, capital, and share details.