P-L
Proprietary limited company
A Proprietary limited company or abbreviated as Pty. Ltd. company (sometimes Pty Ltd. or P/L) under
Australian law is a business structure that has at least one
shareholder with a limited number of
shares. The opposite of Proprietary Limited is the
Public limited company.Under the governing Australian
Corporations Act 2001 (Cth), a proprietary company must either be:Limited by shares (Ltd.) - Shareholders are afforded more protection when it comes to the level of liability they face for company debts.Unlimited - Shareholders face unlimited liabilityThe proprietary limited company must have at least one shareholder and must have no more than 50 non-employee shareholders and at least one director who must live in Australia with an appointed secretary that must be at least 18. One person may hold both positions of company director and secretary.
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Public law
Public law is the law governing the relationship between
individuals (
citizens,
companies) and the
state.
Constitutional law,
administrative law and
criminal law are sub-divisions of public law.Generally speaking, private law is the area of law in a society that affects the relationships between individuals or groups without the intervention of the state or government. In many cases the public/private law distinction is confounded by laws that regulate private relations while having been passed by legislative enactment. In some cases these public statutes are known as laws of public order, as private individuals do not have the right to break them and any attempt to circumvent such laws is void as against public policy.
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