Public Companies
- Limited by Guarantee
- Limited by Shares
Public Company Limited by Guarantee
A Company Limited by Guarantee does not have share capital. Members are not required to contribute capital upfront or while the company is operating. However, in the event of the company being wound up and unable to pay its debts its members are liable to pay up a specified amount known as the "Guarantee Amount".
A Company Limited by Guarantee is a non-profit organisation and must not distribute any income to its members. Due to these two features Companies Limited by Guarantee are most often set up for clubs and charities.
Public Companies Limited by Guarantee has additional requirements which are:
- a minimum of 3 directors, 2 of which must readily reside in Australia
- a minimum of 1 secretary who must readily reside in Australia
- Company Objectives to be provided for ASIC approval
Note: Documentation regarding the issue of Shares, Registers, and Certificates are not applicable for a Public Company Limited by Guarantee and therefore not provided in the package.
What is included in Reckon Docs company register?
Public Company Limited by Shares
A Public Company Limited by Shares has share capital and unlike Proprietary Companies, may market its shares to the general public.
Public Companies Limited by Shares may be listed on the stock exchange. The word "Limited" or "Ltd" must appear at the end of the company's name unless authority has been obtained from ASIC for the word Limited or Ltd to be omitted.
Other requirements of setting up a Public Company Limited by Shares are:
- a minimum of 3 directors, 2 of which must readily reside in Australia
- a minimum of 1 secretary who must readily reside in Australia
- Lodgement of the constitution with ASIC upon registration
What is included in Reckon Docs company register?