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Procedures to Follow in Company Formation

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 form a company is a public company that consists of more than five shareholders and also 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. 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 undergoes a number of steps. The the first step requires one to figure out whether the company under registration is right for their needs. The second procedure involves setting a name for the company where it should not be similar to a name that is existing. 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. 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. 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. 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. Partnership business ownership has two to twenty members in its formation. During the incorporation process in the company, legal processes are not necessary hence the company requires the use of written contracts.

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