a business which is owned by not less than two persons and not more than 50 persons and which restricts the right of the shareholders to transfer shares. Such a business is a separate legal entity and must use the words Proprietary Limited (Pty Ltd) after it name. Glossary of Business Terms
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proprietary company UK US noun [C]
► a company that owns enough shares of another company to control it: »
Mutuals delivered better returns than proprietary companies.
► LAW in Australia, New Zealand, and South Africa, a type of limited company (= one whose owners only have to pay part of the money they owe if it fails). Proprietary companies have the letters Pty after their name.
Financial and business terms. 2012.