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Setting up a proprietary company usually means that the entire issue share capital is owned by members of family or a handful of individuals. In the case of Footy Camp Pty Ltd, Jeff could issue shares to a few close friends and buy some shares for himself. Setting up a proprietary company also means that the company is not made available to the general public. The main advantage of this form of business is that the shareholders have limited liability. In other words, if Footy Camp Pty Ltd went bankrupt, the owners will not be responsible for the debts of the company. This is unless it is proven that the company was intentionally bankrupted to abscond with money, or if the company directors continued to trade while the company was insolvent knowing that debts were increasing with no likelihood of repayment of debts.
Approximate Word count = 433
Approximate Pages = 1.7
(250 words per page double spaced)
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