Proprietary companies, also known as private companies, are a common form of a business structure adopted by small and medium-sized entities (SMEs) in Australia. What is the meaning of “proprietary”? Blank 1 Question 3[select: , Ownership, Small, Limited, Private]

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The question asks for the meaning of the term 'proprietary' in the context of proprietary (private) companies in Australia. 
Option 1: Ownership. This is too broad and does not capture the specific sense of the term in corporate classifications; ownership can be private or public and is not the precise label used in company names.
Option 2: Small. Size of the business is unrelated to what 'proprietary' means in this context; a company can be private regardless of being small or medium-sized, so this option misses the core meaning.
Option 3: Limited. While many private companies have 'Limited' in their formal title (e.g., Proprietary Limited), the word 'Limited' describes liability protection rather than the essence of what 'proprietary' means; thus it does not directly define the term 'proprietary'.
Option 4: Private. This is the intended meaning: in Australia, 'proprietary' refers to privately held companies that are not publicly listed on a stock exchange; the common abbreviation is 'Pty Ltd' for Proprietary Limited, signaling private ownership and limited liability.
Understanding the distinction helps: 'proprietary' identifies the ownership status (private vs public), not merely the company’s size or a liability feature alone.

Proprietary companies, also known as private companies, are a common form of a business structure adopted by small and medium-sized entities (SMEs) in Australia. What is the meaning of “proprietary”? Blank 1 Question 3[select: , Ownership, Small, Limited, Private]

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