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A company is a voluntary association of persons formed for some common purpose. It is an artificial person created by Law. It exists only in contemplation of law and has no physical existence. It has a personality distinct from its members. A company or corporation (the words have the same meaning) is a legal entity that is separate from its members. When you form a company, you form an imaginary legal person which can hold and dispose of property, take legal action and sign documents. A Company is a voluntary association of person formed for the purpose of doing some business. A company is a juristic person (in the eyes of law it is a person). The company can sue and it can be sued. It has its own name and a separate legal entity, distinct from its members who constitute it. A company has its own property; the members (shareholders) cannot claim the property of the company as their own property.
You may form, or already be in a company for a number of reasons including:
• To protect yourself against liability for business debts.
• To take advantages of company taxation rates.
• The flexibility of membership that is provided by a company structure.
The federal Corporations Act 2001 - a lengthy and complex statute - controls the operations of all companies in Australia. It is administered by the Australian Securities and Investment Commission (ASIC) which display a great deal of useful company information on its website. In the course of simplifying company law, a Small Business Guide was introduced as Part 1.5 of the Corporations Law.