Organizational-legal forms of business in Australia
The most commonly chosen legal forms for business in Australia as follows:
Proprietary Company - private company with limited liability
Public Limited Company - a public company
Company Limited by Guarantees - the company whose members are limited in liability to an amount previously agreed safeguards
Partnership
Trust
Sole Trader - entrepreneur
Branch - Branch of foreign company
Proprietary Company (Pty) - closed private company, which is normally recorded in the form of Sompany Limited by Shares - a company whose shareholders have limited liability in installments paid shares in the company kaptale, and has the following characteristics:
The minimum required paid-up share capital not;
A company may have one director, but at least one director must be a permanent resident of Australia;
The Company is not required to have a secretary, but if the company decides to have a secretary, then at least one secretary must be a permanent resident of Australia;
A company may have from one to fifty shareholders who have no right to offer its shares to the public and to transfer their shares without the consent of other shareholders.
Public Limited Company - a public company, which can be as quoted on the Stock Exchange, and without being registered on the stock exchange in Australia - Australian Stock Exchange (ASX) and has the following characteristics:
The minimum required paid-up share capital not;
The company must have at least three directors, at least two of whom must be permanent residents of Australia;
The company must have a secretary, and at least one secretary must be a permanent resident of Australia;
A company can have any number of shareholders who have the right to offer its shares to the public and to transfer their shares without the consent of other shareholders.
The sale of shares should occur only after the prospectuses, which includes information on capital structure, stock price and other requirements the Australian Stock Exchange and the Companies Act will be addressed.
Company Limited by Guarantees - the company whose members are limited in liability to an amount previously agreed safeguards are generally registered for-profit businesses and charities and has the following distinctive features: the minimum required paid-up share capital not; company must have at least three directors, at least, two of which must be permanent residents of Australia and the Company shall have a secretary, and at least one secretary must be a permanent resident of Australia, the Company may have any number of members, the Company has the right to the income only to fulfill the statutory purposes and can not make a profit to pay dividends to its members; Directors of the company are obliged to report all funds received from the company in pursuance of their duties.
Partnerships - Partnerships in Australia is governed by the Partnership. They can be from two to twenty partners. In most provinces Australian partnership can only be in the form of an unlimited company, where all partners are equally liable for the debts and obligations of the business all of his property. Some states of Australia, however, allow the registration of limited partnerships, where, along with unlimited partners, and can be partners whose liability is limited to a predetermined amount.
Trusts - Trusts in Australia, popular with small family businesses. Trusts can be a variety of forms, involving different relationships between the founders, managers and purchasers of the interest in the trust.
Sole Trader - self-employed is not considered in Australia as a separate legal entity and, for tax purposes, all income is included in the entrepreneur's personal income. A private entrepreneur has unlimited liability for all debts and liabilities of the business. A private entrepreneur can conduct business on his own behalf or by using the brand name.
Branch - Branch of foreign company simply to organize in Australia and the parent company must provide the registrar of documents, duly attested.
Virtually all activities in Australia require a license.
All companies, partnerships, private businesses and other businesses in Australia need to get up on tax records in the Australian Taxation Office (ATO) and a corresponding number - Tax File Number (TFN), as well as a number of registered enterprises - Australian Business Number (ABN) , keep records and report in time to Australian Taxation Office. Delays and violations of procedures for reporting by taxpayers in Australia severely punished enough, arrange proper insurance for all its employees, to organize a proper record keeping of registers of directors, shareholders, minutes of meetings and so on, which is usually performed company secretary.
Australia distinguishes between residents and nonresidents for tax purposes. Residents pay taxes on worldwide income, while non-residents - only on income accruing in Australia.
The rate of corporate income tax for all companies is one - 30%
Partnerships are not subject to taxation, and partners themselves paying taxes on their place of residence.
Value Added Tax in Australia - 10%.
International Business: Business in Australia
International Business in Australia: Features, business immigration