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. There is the public company that consists of more than five shareholders and the public has permitted in the purchasing of shares. The other form of company is a private company that limits the number of people that 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. Another an instance is that one needs to apply with the tax authority online so as to acquire a business number. The process of forming a company in Australia is easy and first.
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. Thereafter, one needs to choose a company name that should not look alike with another name in use. The next step requires a decision 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 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. The sixth step to be followed is where one registers the company and it can be done in three 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. 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. Partnership is stated to be a company with two to twenty members. Written contracts are required in the company since following a legal process during its incorporation is not necessary.