<P> In Canada both the federal government and the provinces have corporate status, and thus a corporation may have a provincial or a federal charter . Many older corporations in Canada stem from Acts of Parliament passed before the introduction of general corporation law . The oldest corporation in Canada is the Hudson's Bay Company; though its business has always been based in Canada, its Royal Charter was issued in England by King Charles II in 1670, and became a Canadian charter by amendment in 1970 when it moved its corporate headquarters from London to Canada . Federally recognized corporations are regulated by the Canada Business Corporations Act . </P> <P> The Czech form of the public limited company is called akciová společnost (a.s.) and its private counterpart is called společnost s ručením omezeným (s.r.o.). Their Slovak equivalents are called akciová spoločnosť (a.s.) and spoločnosť s ručeným obmedzením (s.r.o.). </P> <P> Germany, Austria, Switzerland and Liechtenstein recognize two forms of company limited by shares: the Aktiengesellschaft (AG), analogous to public limited companies (or corporations in US / Can) in the English - speaking world, and the Gesellschaft mit beschränkter Haftung (GmbH), similar to the modern private limited company . </P> <P> Italy recognizes three types of company limited by shares: the public limited company (società per azioni, or S.p.A.), the private limited company (società a responsabilità limitata, or S.r.l.), and the publicly traded partnership (società in accomandita per azioni, or S.a.p.a.). The latter is a hybrid of the limited partnership and public limited company, having two categories of shareholders, some with and some without limited liability, and is rarely used in practice . </P>

Explain the privileges and exemption of private company