We can define the term company to be an entity that is legally set up by a group of people with the purpose of running 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. an instance is where there is a private company that limits on the number of people required to 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. Another an instance is that one needs to apply with the tax authority online so as to acquire a business number. Company formation process Australia is an easy and fast process.
Company registration Australia follows various steps. For instance, one needs to figure out whether the company under registration is right for their needs. The second procedure involves setting a name for the company where it should not be similar to a name that is existing. One is also needed to decide 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. The fifth step requires one to get written agreement from the various people filling their roles. The various roles include that of a director, secretary, and one member. One is then needed to register the company in any of the three different ways. The use of the Australian government online service, completing form 201 and mailing it, and contacting a service provider that is private are the various ways one can register the company. Lastly, one is required to display the company’s information publicly.
Business ownership is under different categories in which they can be incorporated during company registration. The major categories of business ownership include sole trading and partnership. The type of business that is owned by a single person is termed to be a sole trader. The business company is allowed to employ workers but it only has one name. There are also different types of sole traders that comprise of tradesmen, freelancers, artisans, small retailers and any professional performing their own work. A company that comprises of two to twenty members is termed to be a partnership. Written contracts are required in the company since following a legal process during its incorporation is not necessary.