Complex sentence: Under Australian law, a "proprietary limited company", abbreviated as Pty Ltd company, Pty Ltd, or P/L, is a business structure that has at least one shareholder with a limited number of shares.
Split into simpler sentences: Under Australian law, a "proprietary limited company", abbreviated as Pty. Ltd., or P/L, is a business structure that has at least one shareholder with a limited number of shares.