The directors control the day to day running of a company on behalf of shareholders. Depending on the size of the company and its business, staff may be employed to carry out its functions. The Corporations Act 2001 (Cth) and common law principles set ...

A company may be formed under the Corporations Act 2001(Cth) to run a business. The major advantage of forming a company is that on incorporation it becomes a separate, independent legal entity, distinct from its members, directors, employees and agents. Therefore ...

A trust is formed when a person (trustee) holds property as the legal owner for the benefit of someone else beneficiary. The trustee controls the property and is its legal owner. However, the trustee is obliged to use the trust property ...

A partnership is formed when between two and twenty people agree in writing or verbally to jointly carrying on a business in common with a view to a profit. Each partner is liable for the actions of the other partners. ...

An individual person can own and operate a business. There is no special procedure to set up as a sole trader, other than the requirement to register a business name under the Business Names Registration Act 2011(Cth) if the name of ...

Setting up and running a business is a competitive and complex task governed by numerous regulations and statutes. Studies have shown that perhaps half of all new businesses fail within five years of starting. Understanding some of laws that govern businesses ...

Small businesses make up the vast majority of economic activity in Australia. This chapter outlines the main legal issues confronted when commencing, operating and dissolving a small business. The Law Handbook also contains other information relevant to business, such as employment, ...

A public examination is a court ordered investigation into a bankrupt’s conduct and affairs which investigates all financial transactions and property dealings associated with the bankrupt. The relevant court is either the Federal Court, or Division 2 of the Federal ...

As well as selling assets, the Trustee has the ability to investigate the conduct of the bankrupt prior to being made bankrupt. Any transaction that has the effect of putting assets out of the reach of creditors can be set aside, depending ...

Automatic discharge Most bankrupts will be discharged automatically three years and one day after the date the statement of affairs is filed provided no objection has been lodged [Bankruptcy Act 1966 (Cth) s 149]. After discharge, the bankrupt continues to be ...