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Last Updated: Sep 11, 2016 URL: Print Guide RSS Updates

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Needs V Wants

Types of enterprises

What is a PTY LTD Company

Pty Ltd is an abbreviation for Proprietary Limited. Proprietary means the company is privately held and the Limited means the liability of the shareholders to pay the debts of the company is limited by the amount of shares.

Australian Pty Ltd companies have a few requirements and restrictions:

  • Must have at least one director that lives in Australia.
  • Must have a physical Australian address for the registered office.
  • If there is a company secretary then at least one must live in Australia.
  • Have at least one shareholder but no more than 50 non-employee shareholders.

Pty Ltd companies form the vast majority of companies registered in Australia, in the order of 99%, and is the preferred company type for small to medium businesses.

Subject Guide

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Alma Simmonds

Goods and Services

What is the difference between a "Goods" and a "Service"

One of the most basic ideas in economics is goods and services. More than anything else, money is spent on goods and services. It helps to know the difference between two.                                                                                     A good is something that you can use or consume, like food or CDs or books or a car or clothes. You buy a good with the idea that you will use it, either just once or over and over again.                                                                   A service is something that someone does for you, like give you a haircut or fix you dinner or even teach you social studies. You don't really get something solid, like a book or a CD, but you do get something that you need.

See the difference? It doesn't always seem clear-cut. The basic difference is that a good is something you can hold in your hand (unless it's something big, like a car or a house).          

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