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. Companies are in two 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. 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. Acquiring of a business number then follows next where one is required to apply with the tax authority 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. One is also needed to decide on who to govern the company. The company can either be ruled by rules that are 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 fifth step requires one to get written agreement from the various people filling their roles. Director, secretary and one member are the various positions in the company. Afterwards, one is required to register the company where it undergoes three different types of ways. The ways include contacting a service provider that is private, completing form 201 and mailing it, and using the Australian government online service. Lastly, one is required to display the company’s information publicly.
There are several business ownership types that one can register in 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. Employees may be employed in this company but it only requires to 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. A company that comprises of two to twenty members is termed to be a partnership. The company incorporation can be done without following a legal process hence requires written contracts.