private company Flashcards
(5 cards)
1
Q
unlimited liability or limited liability
A
limited liability - Owners (called shareholders) are only liable for what they invested.
2
Q
How many shareholders
A
1 to 50 shareholders (owners)
3
Q
what does the company need to have
A
one member and one director
4
Q
What must appear on the company name
A
proprietary company or ‘pty’
5
Q
What does large proprietary company’s do?
A
prepare and lodge a financial report and a director’s report for each financial year
