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First things first: what is a company? A company is a legal entity and it is governed by the Corporations Act 2001. As it is a legal entity, it is separate from its own directors and shareholders. Companies are regulated by ASIC (Australian Securities & Investments Commission). Each company may have its own set of rules which can be laid out in its constitution. If a company does not have a constitution it goes by the "replaceable rules" of the Corporations Act 2001. Are there different types of companies? There are two main types of companies in Australia, proprietry (private) and public companies. The most common type of company in Australia is the proprietary company (often signified by the "Pty" at the end of the company name). What is the main advantage of registering a company? Shareholders of the company have limited liability towards the debts of the company. For instance if a shareholder has 50 shares in the company valued at $1 each, then the maximum liability for that shareholder is $50. Who is responsible for the company? Ultimate responsibility for the company lies with its directors. Directors are responsible for the day-to-day running of the company and ensuring its obligations with the Corporations Act 2001 are met. Can anybody be a director? Generally yes. There are however a few exceptions. A person cannot be a director if:
Being an Australian registered company carries with it obligations that must be met. If any details about your company change (directorships, registered office address, shareholding) then you're required to notify ASIC about these changes. ASIC have a range of forms that you can use depending on what type of change has occurred. ASIC forms A company must also complete a Statement of company details and pay an annual review fee. Within 2 weeks after a company's annual review date (usually the date of registration), ASIC will send out a Statement of Company Details to the company. This statement will contain information about your company which you'll need to confirm and make any changes if necessary. How can I find out more information? The document below contains further information regarding Australian companies and their obligations.
© Australian Securities & Investments Commission. Reproduced with permission. |
 
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