2N3906 is a PNP transistor hence the collector and emitter will be closed (Forward biased) when the base pin is held at ground and will be opened (Reverse biased) when a signal is provided to base pin. This is where a PNP transistor differs from a NPN transistor, a Logic state (blue colour) is used to toggle between Ground and Signal Voltage (Emitter-Base Voltage VBE) as shown below
2N3906 has a gain value of 110 to 300, this value determines the amplification capacity of the transistor. The maximum amount of current that could flow through the Collector pin is 200mA, hence we cannot connect loads that consume more than 200mA using this transistor. To bias a transistor we have to supply current to base pin, this current (IB) should be limited to 5mA.
When this transistor is fully biased then it can allow a maximum of 200mA to flow across the collector and emitter. This stage is called Saturation Region and the typical voltage allowed across the Collector-Emitter (VCE) or Base-Emitter (VBE) could be 40 and 5 V respectively. When base current is removed the transistor becomes fully off, this stage is called as the Cut-off Region and the Base Emitter voltage could be around 5V.
2N3906 Equivalent Transistors
Alternative for 2N3906 as PNP