QUESTION 2 Michael has employed 30 new employees in his proprietary company. The company now has 70 employees. His operating revenue has grown to $45 million in the year. He is not sure whether the company will still be a small proprietary company as its assets are likely to reach $35 million in the same year. With the aid of the relevant legislative provision, explain the circumstances under which his proprietary company can be classified as small under the Corporations Act 2001 (Cth)