A discretionary trust (often referred to as a family trust) is one of the most common types of trusts in Australia. It provides considerable protection over its assets together with flexibility in sharing the tax burden amongst beneficiaries.
A no liability company is a public company limited by shares. It can only be used where the principal activity of the company is that of mining or oil exploration. These types of companies are rarely used.
A public company limited by guarantee is often used for not-for-profit organisations (such as sporting clubs or charities). It does not have share capital and must not distribute income to its members.
A public company limited by shares has share capital, may offer its shares to the general public and can be (but usually isn’t) listed on the stock exchange.
A proprietary company is the most popular type of company. It is generally the most appropriate company structure for many small businesses.