Actually the teacher is not wrong at all. In fact a private limited company can have between 1 and 50 shareholders. It must have a minimum of 1 and a maximum of 50. Hope this helps. Can you tell me what year the marking scheme said 99 ??
Hi all am now back, having checked the Companies Act 2014 it does indeed say 149 members so i would use this figure in your exam. I will check again re the 50 however I think that 99 may also be accepted. will update as soon as I can