Wanderlust World Wanderlust World Both are incorporated entities under the Corporations Act 2001, but differ significantly:
| Feature | Pty Ltd (Proprietary Limited) | Public Company (Ltd) |
|---|---|---|
| Liability | Shareholders' liability limited to unpaid share capital | Same—limited liability |
| Shareholders | Max 50 non-employee shareholders | Unlimited |
| Share Offers | Cannot offer shares to public | Can raise capital via public offers (IPO) |
| Directors | Min 1 director (must reside in Australia) | Min 3 directors (2 must reside in Australia) |
| Company Secretary | Optional | Mandatory (must reside in Australia) |
| Financial Reporting | Simplified (if "small proprietary company") | Full audited reports, ASX listing rules if listed |
| Annual General Meeting | Not required | Required |
| Name Suffix | "Pty Ltd" | "Ltd" |
| Tax Rate | 25% (base rate entity) or 30% | Same |
The original source incorrectly stated public company shareholders have unlimited liability. Both structures provide limited liability. The key difference is capital-raising ability and regulatory burden.
Pty Ltd: Ideal for small/medium private businesses. Public company: For large enterprises seeking public capital or listing on ASX.