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Company Formation

Setting up a new company is quick and easy with Cleary Hoare.  All we require is that you complete and sign the necessary forms.

YOU DO NOT NEED TO LOG IN TO THE SYSTEM.

Completed  forms can be returned to our office by fax 07 3252 1355 or email to companies@clearyhoare.com.au.  Please retain the signed original forms and place them in the company register once it is forwarded to you.

On receipt of the necessary documents (during business hours) all companies are normally registered within the hour and the certificate of registration emailed to you ASAP.

Once set up you will receive a constitution, share certificates, minutes and register papers and copies of all ASIC forms sent to you as PDF files.

The constitution provided allows for sole director/shareholder or multiple directors/shareholders with both voting and non-voting classes.

Company Order Form WITH Consent Forms Signed  
Stage One Check name availability (www.asic.gov.au)
Stage Two Complete payment and order form $751.00 (including ASIC Registration Fee)
Stage Three Have each officer/shareholder complete and sign a consent form
Stage Four Fax (07 3252 1355) or email copies of the order, consent and payment forms to Cleary Hoare                                  
Stage Five LRC® Docs will email all Company documents

 

Company Order Form WITHOUT Consent Forms Signed
Stage One Check name availability (www.asic.gov.au)
Stage Two Ensure all office/shareholders have consented to form the company
Stage Three Complete order and payment forms $751.00 (including ASIC Registration Fee)
Stage Four Fax (07 3252 1355) or email copies of the order and payment forms to Cleary Hoare
Stage Five LRC® Docs will email all Company documents including the Consent Forms to be signed by company office holders
Stage Six Distribute and collect all signed Consent Forms to be kept on Company Register

 
A proprietary limited company is the most common structure used by small to medium businesses.  A company is a separate legal entity, meaning that the company has its own assets and liabilities, separate from the individuals who own and manage the company.  A company can do most things that an individual can, such as owning property and entering into contracts.  A company is owned by its members/shareholders who appoint directors to manage the company.  All companies are required to be registered through Australian Securities and Investments Commission (ASIC).  Following registration, the company will be given a unique Australian Company Number (ACN) meaning that the company can undertake business throughout Australia.

Using Companies

Key advantages of using a company structure are that it provides limited liability for shareholders and companies have a flat tax rate of 30%, being significantly lower that the highest marginal tax rate for individuals of 45%.  Many clients believe that the use of a company structure will provide personal and business asset protection however this is not necessarily the case.  Companies provide limited liability for shareholders, but not protection of assets of the company or the directors.  An unsecured creditor would not normally have the right to sue shareholders personally for debts of the company.  In some circumstances, directors of the company may be personally liable for debts and liabilities, even to unsecured creditors, in the event of an ASIC prosecution, liquidation, serious misconduct of directors, workplace health and safety, and/or environmental law proceedings. 

To achieve asset protection and income distribution flexibility, discretionary trusts ought to be used as equity holders in the company.  See Discretionary Trusts for a discussion on the benefits of using Discretionary Trusts.

If you would like any further information on company formation, please contact Cleary Hoare directly to speak to one of our specialist Solicitors.