WACE Accounting Finance ATAR Practice Questions - WACE ATAR Accounting And Finance Units 3 & 4 (SCSA Year 12 Assessment) Exam

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Which of the following is a legal characteristic distinguishing a public company (Ltd) from a proprietary limited company (Pty Ltd) under the Corporations Act 2001?

A proprietary company is required to hold an annual general meeting (AGM) every calendar year, unlike a public company A public company may offer its shares to the general public, whereas a proprietary company is restricted from doing so A public company must have a maximum of 50 non-employee shareholders A proprietary company has unlimited liability for all its equity directors and officers

Correct Answer:

A public company may offer its shares to the general public, whereas a proprietary company is restricted from doing so

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