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 form a company is a public company that consists of more than five shareholders and also 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. In Australia, one is required to give in a registration form whereby afterward one receives 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.
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. 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. 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 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 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. Lastly, one is required to display the company’s information publicly.
There are different kinds of business ownership that can be registered during company registration. Sole trading and partnership are the major types of business ownership. For instance, there is a sole trader that is a business owned by a single person. The business company has permits to employ employees but it should only have 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. The company incorporation can be done without following a legal process hence requires written contracts.