Definition

The privately held company with limited responsibility is a company known as mixed in which the contributions made by the associates in the company are firstly considered compared to the personality of the associates (as in the joint stock companies) but where the transferability of the titles can be done only in the respect of certain conditions comparable with those applicable in the partnerships.

The Code of the companies defines it as a company in which the associates engage only their contribution and where their rights are transmissible only under certain conditions (article 210 of the Code of the companies).