Madge is a sole trader who has decided to form a small proprietary company and move her business into a corporate form. Madge’s business is quite small, with some assets and modest revenue. She has paid tax personally in the past. Madge is now curious as to whether there are any requirements on the small company she is about to register. 

What are the procedures and reporting requirements on a small proprietary company regarding records, accounts and reports required by the Corporations Act and ASIC?