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BUSINESS LAWS 8 8 Business Laws Name of the student Name of the university Author note

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BUSINESS LAWS 8 8 BUSINESS LAWS Business Laws Name of the student Name of the university Author note Answer 1 The cheapest and simplest business a person can set up in Australia is a sole proprietor business which allows him to operate as a sole trader. Firstly the business name has to be registered with the Australian Securities and Investment Commission, however in case the business is operated under the name of the owner such registration is not required.

BUSINESS LAWS 8 8 Business Laws Name of the student Name of the university Author note

   Added on 2020-04-07

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Running head: BUSINESS LAWSBusiness LawsName of the studentName of the universityAuthor note
BUSINESS LAWS 8 8 Business Laws Name of the student Name of the university Author note_1
1BUSINESS LAWSAnswer 1The cheapest and simplest business a person can set up in Australia is a sole proprietorbusiness which allows him to operate as a sole trader. In this type of business although a persontrade on its own it can employ other employees in the business and have the power to manageand control the business by himself. For the purpose of setting up a sole proprietary business inAustralia the following steps has to be complied with by a person. Firstly the business name hasto be registered with the Australian Securities and Investment Commission, however in case thebusiness is operated under the name of the owner such registration is not required. The secondstep which is required for registration of a sole trader business is making an application for anAustralian Business Number. Thirdly, the business has to get register for Goods and ServicesTax with the help of the Australian Tax Office, in case the annual turnover of the business ismore than $75000. The owner also has to make person superannuation arrangements along withapplying for certain insurance like disability, death and personal illness insurance.Yes it is clearly possible for Peter to start a business in its own name as a sole proprietor. This isbecause the sole proprietor form of business is the easiest former business and is widely acceptedin Australia.In order to incorporate Susan as a owner of the business Peter can also structure hisbusiness in form of a partnership. A partnership allows a business to be owned by two or moreperson and each person is liable for the act of the other. The partners operate inform of agents forthe business and in Australia are regulated by the Partnership Act 1963. As Susan is making acontribution to the business she can be incorporated as a partner which would enable hard tobecome the corner of the business (Business.gov.au,2017).
BUSINESS LAWS 8 8 Business Laws Name of the student Name of the university Author note_2
2BUSINESS LAWSAnswer 2 A company is one of the form of the business which a person may select in order to carryout with his activities in Australia. There are various advantages and disadvantages which aperson has to except while carrying out a business in form of a company because of its features.Firstly the most important and distinctive feature of a company as compared to that of apartnership and sole proprietorship is that a company is a separate legal entity and his existenceis completely independent from its owners. The law considers it as a separate legal person whohas the capacity to sue another or to be sued by a person. The company operates under acommon Seal which is used to validate any document in relation to it. A company can be publiccompany or a private company. In a public company the minimum number of members requiredto form it are 7 whereas in a private company only 2 members are required to established thecompany. The operations of incorporated company is given in the hands of the directors.Directors are person who are also the shareholders of the company who have been selected bythe other shareholders in order to continue the operations of the company. As the company is aseparate legal person and does not come to an end after the death of its members and can only bebrought to an end by a legal process known as winding up of the company.There are certain steps of registering a company the first of which involves selecting the name ofthe company. The name of the company should not be identical to any other company. Theremust be the minimum number of members required to form the company. The company musthave the minimum required share capital for a company to be incorporated. An AustralianBusiness Number has to be generated before incorporating a company. A private company canbe it incorporated in Australia show filling up of form 201 provided by the Australian Investmentand Securities Commission.
BUSINESS LAWS 8 8 Business Laws Name of the student Name of the university Author note_3

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