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 types of companies. One instance is that there is a public company that comprises of more than five shareholders where 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. In Australia, one is required to give in a registration form whereby afterward one receives an incorporation certificate. Alongside with the certificate, one obtains a company number that is Australian. The next step that follows is acquiring a business number from the tax authority that is applied online. Company formation process Australia is an easy and fast process.
There are number of steps incorporated in company registration Australia. 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. 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. One is then required to understand all the legal requirements that include ensuring 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 various roles include that of a director, secretary, and one member. The sixth step to be followed is where one registers the company and it can be done in three ways. The ways include contacting a service provider that is private, completing form 201 and mailing it, and using the Australian government online service. After the whole registration process of the company, one is required to ensure that the company’s information is displayed publicly.
There are several business ownership types that one can register in company registration. Sole trading and partnership are the major types of business ownership. For a sole trader business, it is owned by a single person. Employees may be employed in this company but it only requires to have one name. Sole traders are of many types which include tradesmen, freelancers, artisans, small retailers and any professional performing work on their own. 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.