The Company Registration Process in Australia
A legal body set up that comprises a group of people who have the purpose of carrying on a business is referred to as a company. There are two company forms. One instance is that there is a public company that comprises of more than five shareholders where the public is allowed to purchase shares. There is also the private company that provides limitation on 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. Company formation Australia requires one to fill and submit a registration form and thereafter acquire an incorporation certificate. When one is issued a certificate, a company number that is Australian is also issued. 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 follows various steps. The the first step requires one to figure out whether the company under registration 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. The company can either be ruled by rules that are replaceable, a constitution or both. Another instance is where one is required to understand all the legal requirements that consist of 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. The roles stated 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 different ways used while registering the company include completing form 201 and mailing it, contacting a service provider that is private 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 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. Partnership business ownership has two to twenty members in its formation. Written contracts are required in the company since following a legal process during its incorporation is not necessary.