What is a Professional Practice Company used for?
A professional practice company is a type of proprietary company that uses a special constitution for a professional industry. Castle Corporate can provide a range of professional practice companies, including (but not limited to) companies for:
- Certified Practising Accountants (CPAs)
- Institute of Chartered Accountants (ICAs)
- Law Institute of Victoria (LIV) members, and
- many others.
- All of the requirements are the same as a standard proprietary company, although there are often restrictions on the qualifications for directors.
- One director and one shareholder (this can be the same person) – must be over 18 years of age and at least one director must ordinarily reside in Australia
- A secretary is not required for a proprietary company but, if one is appointed, they must reside in Australia.
- A proprietary company is limited to a maximum of 50 members. Any legal entity may hold shares in a company. This includes any person, company or incorporated association which is resident anywhere in the world.
- We provide for nine classes of shares in all of our standard constitutions. You can view the different classes of shares here.
- The regulations governing a profession may impose certain provisions and be included in a constitution of this type.