Commercial and Corporation Law: Registering a No Liability Company and Understanding Royal Commissions

Commercial And Corporation Law 1
COMMERCIAL AND CORPORATION LAW
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Commercial And Corporation Law 2
PART 1 - 15%
REGISTER A NL - NO LIABILITY COMPANY.
FOR THIS YOU MUST READ AND UNDERSTAND SECTIONS; 117(1), & (2) ;112(1)
&(2); 201A, 204A 147, 148, & 149
A No Liability company is a company which has a share capital and can only be used under
the circumstance in which the principal activity of the company is mining or rather resource
exploration (Gambacorta Yang and Tsatsaronis, 2014 p.56). To register such a company based
on the corporations' act, the company must meet the following requirements as indicated below;
 A registered office which is open to the public
 Minimum member of at least one
 A minimum of atleast three directors
 Atleast one company secretary
 Atleast three directors who are residents of Australia
 An auditor who helps in assessing and evaluating the fair view of the company
The key steps involved in the registration of the company entails;
Selection of a Name
According to Gambacorta Yang and Tsatsaronis (2014 p.56), it involves the selection of a
company’s name by searching the ASIC’s National Names Index. However, the name
must be of the legal status of the company. For instance, at the end of the name of the No
Liability Company there has to be the No Liability abbreviated as NL.