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Case Study A
The Meaning of registration, including shareholders’ and directors’ liabilities
Registration of a company is needed for running any business (small scale business in this case). It is important to understand the fact that separate legal entity itself has its own powers. Each company has its own unique as well as legal existence that is quite distinct from that of its employees, managers and owners (Watts and Zuo 2016). All the assets and money belong to the company and also should be used for the purpose of the company.
As far as shareholders are concerned, they are not liable for the debts of the company. The shareholders is liable to pay the company any amount unpaid based on their shares when they are called upon for some reason (AASB 2014). In such scenario, where shareholders are the director, then this limitation has to abide by other laws as well as commercial practices.
As far as directors are concerned, they can be liable for the debts that are borne by the company for the period when company suffers from any breach of specific duties of the director to the company. It may happen that the director in some situation are liable for liabilities as borne by the company. Company structure and setting up a new company
In this report, company structure for small business will be discussed where it can be seen that a proprietary company is limited by shares and this can be treated as one of the most suitable company for use by small business (Sugiyama and Islam 2016). To explain the structure in detail, it is important to understand the fact that these proprietary company must have at least 1 shareholder but not more than 50 shareholders. In case of directors, they may have 1 or more directors.
There are two options for the operators of small business and these are either buying shelf companies or setting up new company all by themselves. Setting up new company will be discussed in this part where it can be seen the operator must apply to ASIC for registering a company. After the company is registered, the company needs ACN number and name of the company. At the time of registration, first shareholders, directors and company secretary will be mentioned. It may happen that same person can be both director of the company as well as the company secretary (Saccon and Dima 2015). The company has to first offer shares to the existing shareholders in given proportions that is already hold by the shareholder. At a determined price, the company is liable to issue shares. It is necessary for the company to have registered office in Australia as well as need to inform ASIC regarding the office location. At the end, a company should keep register of charges in case the company gives charges over the assets to any other authorities like bank or in that case trade creditor (AASB 2014).
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