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. There is the public company that consists of more than five shareholders and the public has permitted in the purchasing of 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. For instance, in Australia, one is needed to submit a registration form and thereafter acquire an incorporation certificate. Alongside with the certificate, one obtains a company number that is Australian. Acquiring of a business number then follows next where one is required to apply with the tax authority online. Company formation process Australia is an easy and fast process.
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. One is also needed to decide 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. The sixth step to be followed is where one registers the company and it can be done in three 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. 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 categories of business ownership include sole trading and partnership. 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. There are also different types of sole traders that comprise of tradesmen, freelancers, artisans, small retailers and any professional performing their own work. Partnership is stated to be a company with two to twenty members. During the incorporation process in the company, legal processes are not necessary hence the company requires the use of written contracts.