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January 14, 2019

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The Company Formation Process in Australia

A company is a body set up that is legally created and comprises a group of people with the purpose of carrying on a business. Companies are in two forms. One form a company is a public company that consists of more than five shareholders and also the public is allowed to purchase shares. There is also the private company that provides limitation on the number of people that buy shares. Therefore, for the full completion set up of a company, it requires company formation stages. Company formation Australia requires one to fill and submit a registration form and thereafter acquire an incorporation certificate. One also obtains a company number that Australian that comes along with the certificate. The next step that follows is acquiring a business number from the tax authority that is applied online. In addition, the company formation Australia process is easy and fast.

Company registration Australia undergoes a number of steps. For instance, one needs to figure out whether the company under registration is right for their needs. The other instance is that one is required to choose a name for the company that should not be similar to a current name in use. The next step requires a decision on who to govern the company. Governance in the company can constitute of either rule that is replaceable, a constitution or both. The fourth step requires understanding on how to follow legal requirements that includes ensuring that the details of the company are up-to-date, maintaining good records and paying the required annual fee. The next step requires one to acquire written agreement forms from the various people filling their roles. Director, secretary and one member are the various positions in the company. One is then needed to register the company in any of the three different ways. The ways include contacting a service provider that is private, completing form 201 and mailing it, and using the Australian government online service. The last step is when the company is registered, one must ensure that the company’s details are displayed publicly.

There are different kinds of business ownership that can be registered during company registration. Sole trading and partnership are the major types of business ownership. For instance, there is a sole trader that is a business owned by a single person. The business company is allowed to employ workers but it only has one name. Types of sole traders may include tradesmen, freelancers, artisans, small retailers and any professional doing work on their own. A company that comprises of two to twenty members is termed to be a partnership. During the incorporation process in the company, legal processes are not necessary hence the company requires the use of written contracts.

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Getting Down To Basics with Businesses