According to the Corporations Act 2001, a small proprietary company is one which satisfies at least two of the following tests: it must have fewer than 100 employees at the end of the financial year, consolidated gross assets of less than $25 million and:

Select one:

a. consolidated revenue of less than $50 million.

b. more than 100 shareholders at the end of the financial year.

c. total liabilities of less than $20 million.

d. total liabilities of less than $10 million.