Toby would like to purchase partly paid shares in a mining company. He is confused as to the differences between mining companies whose name ends with Pty Ltd from a mining company whose name ends with NL. Please explain to Toby at least three key differences between a Pty and an NL company. Also explain to Toby what the letters NL and Pty Ltd signal to a potential creditor.
Answer your question in the space provided and it should not exceed 10-12 lines. You have approximately 12 minutes to answer this question.
Refer to the relevant sections of the Corporations Act 2001 (Cth) where possible and also quote relevant cases where possible. You are required to briefly discuss the law and apply the law to the facts.