According to the way of share transfer, companies can be divided into closed companies and open companies.
A closed limited company refers to a company whose shares are unlisted and only held by a few people with limited liability, also known as "unlisted company" and "unlisted company".
According to the provisions of the current securities law, only joint stock limited companies that meet certain conditions can apply for listing, so limited liability companies cannot go public. A limited liability company must change its corporate form, that is, from a limited liability company to a joint stock limited company before it can apply for listing. Of course, the conversion conditions of this corporate form are very harsh.