ACC20013 Lecture Notes - Lecture 1: Australian Securities Exchange, Australian Company Number, No Liability
Document Summary
A company is a legal person it has rights, powers & responsibilities. Has an indefinite life incorporated via registration by australian securities and investments commission (asic)subject to requirements of the corporations act (2001) Financing advantages (vast amount of resources and separately taxed) No limitation on number of members (this is for public companies only) Can enter into contracts and can sue and be sued. May result in conflict of interests between owners and managers. Listed companies (public companies listed on the australian stock exchange) Foreign companies (incorporated outside of australia or in an external territory of australia) Disclosing entities (defined in section 111ac of the law, with enhanced disclosure requirements) Minimum of 1 member, maximum of 50. Cannot raise funds directly from the public. Can pass a resolution without having a meeting. A large proprietary company is one which satisfies any two of the tests:
