The process of choosing a business structure is tasking for businesses. A proprietary limited company has to be one of these two; Limited by shares: This means that the company affords its stakeholders more protection when it comes to liability levels they face in terms of debts owed by the company. Speaking based on conducted research, it is the most preferred option for small scale businesses. It must be registered under company house An unlimited company that has a share capital. In this case, the stakeholders face unlimited liability. There are different companies who raise capital for their growth in different ways.
Techwitty pty ltd belongs to the first category, chomping down on the risk of liability for its stakeholders. Unlike public companies, techwitty cannot sell its shares to the public but it can however offer shares to Existing stakeholders in the company or Subsidiaries of the company And even the employees of the company. This information can be handy for you, if you want to do business with them, and give you an idea of the company.
If a proprietary limited company such as techwitty pty ltd doesn’t reach this criteria, they would be forced to convert to a public company. Given that techwitty has been in business for years, it is sign that they have complied to the stipulated criteria given. As is expected, they have a director based in Australia. It also has an appointed secretary that serves as the security officer of the company. The secretary’s main function is to notify ASIC about changes to the identities, names and addresses of the company’s directors and secretaries and that the company lodges its annual return. Larges proprietary companies like techwitty often have to lodge audited accounts. Their fundamentals are strong and they have a big client base, which makes them a good choice to work with. You can be sure that you project will be completed in quick time. They are very professional and that makes them liked by many.
Proprietary companies can be classified as either large or small based on their financial feedback at the end of a business year. It is so judged based on the assets accumulated at the end of the year and the number of employees working with the company at the end of the financial year. Partnering with techwitty pty ltd means that shareholders and directors can be employed under normal salary, the wage commission and the income they task at a personal rate.
The directors run the business while the stakeholders fund it and reap the reward. It is a win win company. Their personal assets also does not get threatened if the company runs at a loss. Techwitty puts the safely of its clients first before theirs. From the criteria it is seen that not just anyone can run a Pty Ltd, but techwitty has managed to do that continuously for years and is still running as a ptd ltd company.