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Difference Between Private And Public Company Essay

1000 words - 4 pages

Difference between private and public company
structure under the Corporations Act

Governance Foundations

(1) Types of companies
Public vs private

Type of company

Differences in regulation

Regulated by

Percentage of registrations

- Limited by shares

Sub-classified as small or large

ASIC

- Unlimited with share capital

Small =

Can be any size; some are very
large

- consolidated gross operating
revenue < $25m - consolidated
gross asset value < $12.5m

The majority of registered
companies are proprietary. As at
March 2012, ASIC reports that
there were 1,871,004 proprietary
companies, representing 98.87% of
all registered companies.

Unlisted – ...view middle of the document...

ASIC
APRA, if an authorised deposittaking institution, life insurance or
general insurance company
Listed –
ASIC
ASX
APRA, if an authorised deposittaking institution, life insurance or
general insurance company

Difference between private and public company
structure under the Corporations Act
(2) Differences in disclosure requirements
Small proprietary companies

Large proprietary companies

Public companies

Listed public companies

Audit and financial reports

Not required to be audited or file
financial statements or a directors’
report. Members holding five
per cent or more of the votes, or
ASIC, can require a financial and
directors’ report for a financial year
(and direct them to be audited) and
send them to all shareholders

Required to have an external audit
and will have to lodge financial
statements and a directors’ report

Required to have an external audit
and will have to lodge financial
statements and a directors’ report

Required to have an external audit
and will have to lodge financial
statements, a directors’ report and
a remuneration report

Reporting to members

No requirement to report to
members

Required to lodge accounts with
Required to provide reports to
Required to provide reports to
members four months after the end members 21 days prior to the AGM ASIC three months after the end of
of the company’s financial year
or four months after the end of the the company’s financial year
company’s financial year, whichever
is earlier

Holding an AGM

No obligation to hold an AGM
unless the constitution requires it

No obligation to hold an AGM
unless the constitution requires it

Must hold an AGM once a year no
later than five months after the end
of the company’s financial year

Must hold an AGM once a year no
later than five months after the end
of the company’s financial year. A
minimum of 28 days’ notice of the
AGM must be provided.

Disclosure of constitution

No requirement to lodge a copy of
the constitution

No requirement to lodge a copy of
the constitution

Required to lodge a copy...

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