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A proprietary company is a form of
In Australia, a proprietary company is defined under section 45A(1) of the Corporations Act 2001 (Cth).
The Act puts certain restrictions on proprietary companies such as not permitting them to have more than 50 members (
Section 45A of the Act also distinguishes proprietary companies as either "large proprietary" or "small proprietary". The differences here relate to issues such as operating
Under Australian law, a proprietary limited
Under the Australian
The proprietary limited or unlimited company must have at least one shareholder, no more than 50 non-employee shareholders, and at least one director who must live in Australia. A secretary can be appointed (sec.204A), that must be at least 18 years of age. One person may simultaneously hold the positions of company director and secretary.
Proprietary limited companies are also classified as "large" or "small". A proprietary company is classified as small only if it meets at least two of the following criteria:
Most large proprietary companies have to lodge audited accounts. Small proprietary companies only have to prepare audited financial statements if ordered to do so by the