What is a Proprietary Company used for?
A proprietary company is the most popular type of company. It is generally the most appropriate company structure for small businesses.
- 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.