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The Essential Laws of Resources Explained

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. There are two company 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. The other form of company is a private company that limits the number of people that buy shares. One is required to follow various strategies that are used in the company formation so as to have a successful company. In Australia, one is required to give in a registration form whereby afterward one receives an incorporation certificate. When one is issued a certificate, a company number that is Australian is also issued. Acquiring of a business number then follows next where one is required to apply with the tax authority online. The process of forming a company in Australia is easy and first.

There are number of steps incorporated in company registration Australia. The the first strategy involves personal thoughts since one is required to figure out whether the company is right for their needs. Thereafter, one needs to choose a company name that should not look alike with another name in use. The third step involves deciding on who to govern the company. Replaceable rules, a constitution or both can be incorporated in the governance of the company. 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. Written consents from the persons filling their roles are required. The roles stated include that of a director, secretary, and one member. Afterwards, one is required to register the company where it undergoes three different types of 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. The major types are comprised of a sole trader and partnership. For a sole trader business, it is owned by a single person. The business company has permits to employ employees but it should only have 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. The company incorporation can be done without following a legal process hence requires written contracts.

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