W2- Lecture 2- Business Structures and Types of Companies-s2 2019.pptx - TLAW202 Corporations Law Lecture 2 Business Structure(ch 3 of ACL Dr Le-Thuy

W2- Lecture 2- Business Structures and Types of Companies-s2 2019.pptx

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TLAW202 Corporations Law Lecture 2: Business Structure (ch 3 of ACL) Dr. Le-Thuy Tran
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Course organization Part 2: Corporate Governanc e Part 2: Corporate Governanc e Part 1: Company Incorporatio n Part 1: Company Incorporatio n Toda y Part 4: Corporat e Finance Part 4: Corporat e Finance Part 5: Corporat e Dissolutio n Part 5: Corporat e Dissolutio n Part 3: Corporat e Liability Part 3: Corporat e Liability
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Course overview 4. Internal Governanc e and corporate liability- REVISION - 3. Legal Nature of companies and company incorporati on 2. Business Structure Toda y 5. Corporat e Governa nce- Mid- term exam- 8. Membe r rights and remedi es 1. Regulato ry Environm ent of companie s 10. Presenta tion- Group assignm ent- 9. Corporate finance and auditing 11. Company Dissolutio n – External Administra tion 6 & 7. Corporat e Governan ce - Director Duties -
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Learning Objectives: Explain the essential features and advantages and disadvantages of the following business structures: sole trader Partnership Joint venture trusts Companies Explain the different types of companies which may be incorporated and the purpose for which they are best suited]. Explain the differences between public and proprietary companies ; between “small” and “large” proprietary companies and its legal consequences.
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1. Business Structures (5 types) 2. Public and Proprietary companies Lecture 2: Busine ss Structu re OVERVIEW
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Business Structures
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Sole Traders Features A sole trader owns and controls his/her own business. It is the simplest form of business organisation to create (minimal formalities). Register business name if trading under a different name from owner [Business Names Registration Act 2011 (Cth); Why? to ensure the public can identify the entity trading under a business name Register with tax office [get tax file number: TFN]; Apply for Australian Business Number (ABN) via Australian Business Register (ABR) Why? [unique 11 digit number; confirms business identity to government and others]. All business structures need ABN.
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Sole Traders Disadvantages Unlimited liability Business and sole trader are synonymous [treated as one and the same] Degree of personal involvement can make the business difficult to sell Lack of management skills or expertise Difficulty in raising large amounts of capital Lacks perpetual existence
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Sole Traders Advantages Keeps all the profits Total control and ownership of the business Lack of formalities and inexpensive to form Nature of the business can be easily changed Keep financial affairs private
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Partnership: Statutory Definition Form of collective ownership Defined in section 1 of the Partnership Act 1892 (NSW) as the relation which subsists between persons carrying on a business in common with a view of profit ’.
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