Company Structure And Its Types Grounded On Australian Standards

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Introduction: This report is based on the knowledge about company structure and its types grounded on Australian standards, the features which different organizations possess while functioning and the obligations implied on them in light of Australian standards. Secondly the major differences between large and small companies have also been discussed in this report, that what are those criteria which separate large companies from small? And the last part discusses the role which the organizations are playing in the progress of regulation of companies in Australia. The main purpose of these procedures is to bring uniformity in the regulatory system of Australian companies. Company Structure: A company’s structure can be either private or…show more content…
Hospitals, schools, old age houses, etc. are few of the examples of organizations which are limited by guarantee. (Makari, 2005) 3. No Liability Company: This type of company is only in Australia, specifically for the mining companies. It can be differentiated by any of the traditional companies their stakeholders are not responsible to pay calls on unpaid shares. Purchasing of their shares is supposed to bind the shareholders into a binding contract because of high degree of risk in the business of mining. 4. Unlimited Companies: Such type of companies formed with or without a shared capital, but the liabilities of the members are unlimited. At the time of company’s liquidation for the payment of financial liabilities the members of the company are obligated to settle those liabilities. Proprietary (Private) Companies: Private companies don’t have shares for general public. In case of selling their shares to a new shareholder requires approval from board of directors and with their mutual consent company’s shares can be transferred to any new shareholder. Such companies are required to have at least one member up to the maximum limit of fifty members. These companies can be recognized as “Pty Ltd” in the last of their names. Private companies are further divided into two types: 1. Small Propriety Company: There are three conditions implied on these kinds of companies, i.e. Gross Revenue should be less than $25 Million, Gross Assets are less than $12.5
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