Topic 1 According to the Nez Zealand government, a company will only be considered as a company in New Zealand after it has been registered with the company’s office which administers the register of companies In New Zealand. In New Zealand, a company must have at least one director who lives in New Zealand or lives in Australia and is a director of an Australian company. The directors are required to provide their date of birth, place of birth and sometimes they need to provide the details of their ultimate holding company. Unlike sole traders or partnerships, the company itself operates as a separate legal entity to its shareholders. It owns its assets and liabilities whereas a sole trader is liable for all the assets and liabilities directly. This feature of the companies is called limited liability, this means that shareholders in the company can only be liable and can only lose the value of their shares and not more than the value of their shares. However on the other hand, directors are liable for the debts incurred by the business if their conduct of the business is believed to be fraudulent, reckless and not in the company’s interest. Lastly companies are taxed at the company tax rate which is 28% in New Zealand currently. The profits made by the company are taxed to the individuals. Having a company has a lot of advantaged mainly having an advantage accessing investments and also gaining more credibility and is more secure than having a sole trading
When you think of the “land down under” you don’t really think of the kind of government they have. I chose to write about the Australian government because I really don’t hear much about Australia. It currently has a pretty interesting story to tell when it comes to their government. I became a bit interested in Australian politics when I saw a political animated cartoon on the internet that depicted Kevin Rudd, the last Prime Minister, on a news television show and it was quite humorous. I am going to give a quick history lesson on Australia then go into how the government formed and came to be. Then I will talk about the Australian constitution, the Australian arms of government, their federal system, political parties and Australia’s
Throughout history, First Nations rights and privileges has been a highly controversial subject in Canada, and remains a debatable topic in society, even in the present-day. Whether it has been the controversies surrounding the missing and murdered Indigenous women or the funding of First Nation’s education, concrete results have yet to be achieved. Consequently, the above forces have delayed the restorative process for the First Nations People. That said, the Canadian Government, whether it is the Conservatives or the Liberals, have attempted to take an active approach to aid the Aboriginal community in their healing process. While the Conservative government failed to address the concerns of the First Nations community such as launching a public inquiry for the missing and murdered Indigenous women and raising funds to increase the literacy rate within the Aboriginal community, the Liberal government has acted in accordance with the above requests from the First Nations community. Although the Liberal government has agreed to provide proper funding to further Indigenous education and to launch a public inquiry for missing and murdered Indigenous women, the federal government has failed to acknowledge that to achieve a sense of reconciliation, the First Nations community requires complete self-government.
Limited liability: the liability of investors is limited to their personal investments in the corporation.
A shareholder in a limited company is not personally responsible for any of the debts of Tesco, other than for the value of his investment in Tesco. Although a shareholder's liability for Tesco's actions is limited, the shareholder may still be liable for its own acts. For example, the directors of small companies, who are frequently also shareholders, are often required to give personal guarantees of the company's debts to those lending to the company. They will then be liable for those debts in the event that the company cannot pay, although the other shareholders will not be so liable.
The Australian Government has long stated that information gathered at public expense is “a national resource and should be available more widely to the public” because “[a] community that is better informed can participate more effectively in the nation’s democratic processes” . According to the current (2016) Attorney General, George Brandis: “Freedoms are some of the most fundamental of all human rights. They underpin the principles of democracy, and we cannot take them for granted (2015)”. It is a familiar theme to the case made by Australian Labour Party where Senator John Faulkner called for increased public scrutiny of political decisions:
The Economic objectives of every Government are; full employment, low inflation, economic growth, price stability, internal and external stability, and equitable distribution of wealth, income and resources. The current Liberal Government, led by Malcom Turnbull, aims to create a stronger economy by; creating innovation within the science programme, implementing a stronger defence industry plan, generating new business opportunities through export trade deals, tax cuts and incentives for small businesses, a sustainable budget with a crackdown on tax avoidance, guaranteed funding for health, education and roads, and finally the restoration to the rule of law within the construction industry (refer to appendix 1). Currently the Australian economy is recovering from a near recession, meaning we are now on an upswing moving towards a boom. However within the first
Choosing a Corporation/Company Structure - the business structure of a company/ corporation is highly recommended, it has the flexibility to gain more capital, or credit capability and assets used as security. Based on the Corporation Act 2001 (Cth) AC 22, a corporation is another legal entity with their own legal rights, duties and responsibilities separate to the individual or owner of the company (Harris, Hargovan & Adams, 2013, pp 229). The risk and consequences are one of the principal considerations of choosing a company structure (Harris, Hargovan & Adams, pp 50). Based on the “Corporate Veil” Liability is owned by a separate legal entity and not to the extent of the owner, for instance, the debt of the company is not a personal liability, but the company. This is further explained in the case below.
The purpose of New Zealand’s constitution is to provide for the creation and structuring of major government institutions, to state the power that these institutions have, and to then regulate these institutions to a certain extent (Keith, K. 2008). It is not a typical constitution as it is not a ‘written constitution’, unlike with many other countries around the world. In respect to this, it has evolved to
•LIABILITY-They offer limited liability where income and expenses are given to the share holders tax returns. Only the actual investment by the shareholders is at risk.
The liability of shareholders will be limited in a company that is in the contrast to sole proprietorship and partnership, where their liability is unlimited. The liability of members is only limited to the amount that is agree to winding up, thus, they generally have no further liability to contribute when it is winding up
The New Zealand government at both a Local and National level is an excellent example of a modern, Representative Democracy. Different election systems, including First Past the Post (FPP), Mixed Member Proportional (MMP) and Single Transferable Vote (STV), are used to allow electors to select representatives to sit on Councils, Boards and in Parliament. Some elements of Constitutional Monarchy are present in the New Zealand system of democratically elected representatives within a constitutional Monarchy contrasts well with the dictatorship of Robert Mugabe in Zimbabwe.
The Corporations Act 2001 encompasses four principal duties that are primary to directors, including care and diligence, proper use of position, proper use of information and good faith (Australian Institute of Company Directors, 2015). This section of paper will elaborate on the four principal duties mentioned earlier along with statutory duties.
In case the products will not sell, it is easier to go out of the market. On the other hand if the product sells good, there is the opportunity to sell more capacity or diversify by launching other products. Furthermore the New Caledonian company can first gain some experiences and learn about their mistakes in order to be more successful and sell higher quantities. Beside the Australian market can be entered more rapidly
On July 6 1984, the fourth Labour government were elected into parliament after defeating the National party in a snap election. 1984 can be regarded as a major turning point in New Zealand political history in the sense that significant political changes affected the whole of the New Zealand society, economy and political structure. New Zealand government’s experimented with radical Neoliberal policy programmes to achieve economic and social progress during this period. The essay shall discuss the central features of the process of policy change over the period of 1984 to 1993 in New Zealand. These reforms were among the most sweeping in scope and scale within any industrialised democracy. There are a significant number of historical
As mentioned on business.govt.nz, a company is a formal and a legal entity in its own right, separate from shareholders. Company forms, when shares of property registered under the companies act 1993. The company owns the assets and liabilities and is responsible for any debt. Shareholders responsibility is limited to their share of ownership in the company. This feature is called limited liability and is made to give protection to shareholders in the company. However, if you’re running the business as a director, you are also liable for debts if your conduct irresponsible, dishonest or not in the company’s best interests. A company can raise more funds with more owners/shareholders.