Pty. Ltd.
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Pty. Ltd.
A proprietary company, the characteristic of which is abbreviated as "Pty", is a form of privately held company in Australia, Namibia and South Africa that is either limited company, limited or unlimited company, unlimited. However, unlike a public company there are, depending on jurisdiction, restrictions on what it can and cannot do. 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 (shareholders). Another important restriction relates to fundraising. A proprietary company must not engage in fundraising that would require a disclosure document such as a Prospectus (finance), prospectus, an offer information statement, or a profile statement to be issued (sec.113(3)). The Act states in which circumstances a company must issue a prospectus when attempting to raise funds. This means that a proprietary company ...
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Privately Held Company
A privately held company (or simply a private company) is a company whose shares and related rights or obligations are not offered for public subscription or publicly negotiated in the respective listed markets, but rather the company's stock is offered, owned, traded, exchanged privately, or Over-the-counter (finance), over-the-counter. In the case of a closed corporation, there are a relatively small number of shareholders or company members. Related terms are closely-held corporation, unquoted company, and unlisted company. Though less visible than their public company, publicly traded counterparts, private companies have major importance in the world's economy. In 2008, the 441 list of largest private non-governmental companies by revenue, largest private companies in the United States accounted for ($1.8 trillion) in revenues and employed 6.2 million people, according to ''Forbes''. In 2005, using a substantially smaller pool size (22.7%) for comparison, the 339 companies on ...
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Financial Statement
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis: # A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time. # An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period. # A statement of changes in equity or statement of equity, or statement of retained earnings, reports on ...
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South African Company Law
South African company law is that body of rules which regulates corporations formed under the Companies Act. A company is a business organisation which earns income by the production or sale of goods or services. This entry also covers rules by which partnerships and trusts are governed in South Africa, together with (albeit in less detail) cooperatives and sole proprietorships. Features A company has (but is not limited to) three distinguishing features: # its legal separateness from the people involved in it—specifically from its owners, called shareholders, # its potential immortality, and # its size. Separateness A company is separate from its employees, shareholders or members (in the case of close corporations), in that the connection between them is, usually, a mere contract of employment, which may be terminated, leaving both parties to go their own ways. The same generally applies, however, to those businesses which are not companies. There is also, more importan ...
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Australian Company Law
Australian corporations law has historically borrowed heavily from UK company law. Its legal structure now consists of a single, national statute, the Corporations Act 2001. The statute is administered by a single national regulatory authority, the Australian Securities & Investments Commission (ASIC). Since provisions in the Act can frequently be traced back to some pioneer legislation in the United Kingdom, reference is frequently made to judgments of courts there. Though other forms are permitted, the main corporate forms in Australia are public and private (in Australia termed proprietary) companies, both of which predominantly have limited liability. History Upon Federation in 1901, the Constitution of Australia granted limited powers in relation to corporations to the Australian Parliament. Each State has a residual power in relation to anything not within the Commonwealth power. The main grant of powers to the Commonwealth are as follows: :The Parliament shall, subjec ...
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Australian Company Number
An Australian Company Number (usually shortened to ACN) is a unique identifier required by every company registered under Australia’s ''Corporations Act 2001'' (Cth). The ACN is a nine-digit number issued by the Australian Securities & Investments Commission (ASIC) to every Australian company. The number is usually printed in three groups of three digits, and preceded by the letters ACN must be quoted on all correspondence and invoices issued by the company. A company may also be required to have a Tax File Number (TFN) and an Australian Business Number (ABN). If a company has an ABN, it may use the ABN in place of the ACN on documents, preceded by the letters ABN. A similar nine-digit (ARBN) is used for non-company entities such as registerable Australian bodies, and for foreign companies. History The Australian Company Number (ACN) was adopted in Australia on 1 July 2000, as one of the complementary measures when the Goods and Services Tax (GST) was introduced. All compa ...
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Company Number
Companies House is the executive agency of the company registrars of the United Kingdom, falling under the remit of the Department for Business, Energy and Industrial Strategy. All forms of companies (as permitted by the Companies Act) are incorporated and registered with Companies House and file specific details as required by legislation. All registered limited companies, including subsidiary, small and inactive companies, must file annual financial statements in addition to annual company returns, and all these are public records. Only some registered unlimited companies (meeting certain conditions) are exempt from this requirement. The United Kingdom has had a system of company registration since 1844. The legislation governing company registration matters is the Companies Act 2006. History 19th century Prior to 1844, companies could only be incorporated through grant of a royal charter, by private act of Parliament, or, from 1834, by letters patent. Few companies w ...
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