Australian Business Number Process

Question: Discuss about the Australian Business Number Process. Answer: Introduction: Formation of Proprietor Ltd Company is needed to be created following various steps which is governed by ASIC. A company name should be chosen by the proprietor of the company before registering the company. The address of the company is needed to be stated while registering the companys name. The proprietor name and address is also required to mention. The office holder should have a unique entity where Australian Business Number (ABN) and Australian Company Number (ACN) should be described. The address of the company is also needed to describe for the registration process (Legislation.gov.au, 2016). Consent plan of the Company should be drawn. There are several directors in the company who follow the rules of Company Act. Shareholders should be limited up to 50 in number. The method of the form registration process is described below: Company Name Jacob Pty Ltd Company address 14 Lindsey street, NSW, Australia-2134 Proprietor name Jacob Atkinson Proprietors residential address 67 Saint Joseph avenue, NSW, Australia-2134 ACN/ABN no 0607888341 Telephone no 0895499006 Post code 2134 If the company has appointed a director for the company the following details must be presented- Name of the Director Andrew Wilson Address of the director 44, Johnson Street, NSW, Australia-1235 Date of Birth 24/07/1983 Place of birth Sydney If the company is limited by shares, there must be preference shareholders who in turn are members of the company. The following details can be given regarding them- Name of the Member Joseph Mines ACN 753922816 Address of the member 8/A, Bentley Road, NSW, Australia-1235 In this case the preference shareholder or the member is a company. Their share details can be showed as follows- Share class code Shares taken up Agreed money to be paid per share ( in $) Total paid up value (in $) Unpaid amount Unpaid money in $ Fully paid Held beneficially ORD 200 20 4000.00 0.00 0.00 yes yes RED 300 10 3000.00 0.00 0.00 yes yes ORD refers to ordinary class of shares. RED refers to redeemable class of shares. According to Corporation act of section 117 there are various regulations of company which is needed to be followed for registering a company[1]. Registration process shows the validity of the company. There are several exemptions as per section 150 of Corporation act which are needed to be remembered by the companys directors and proprietor. The resolution which is special should be declared on the basis of 14 days which is followed under section 233 of corporation act under constitutional rules. There are several replaceable rules of the company which falls under corporation act of section 134 and section 135. The direction which is governed under replaceable acts should be followed with the rules of section 134 of corporation act. The modification of constitutional and replaceable rules is followed under section 135 of Corporation Act of Australia. As per rules of section 135 of Company Act of Australia after 1st July 1988, some of the modifications were made and those rules are followed in a proprietor limited company recently. Many share restrictions of the company is also described and those restriction and right of shareholders falls under section 254A (2) of Corporation Act 2001[5]. Cumulative and non-cumulative dividends with profit and capital repayment process is surplus led in the company as per section 254A (2) (Austlii.edu.au, 2016). Redeem of the liability with various conditions are declared with various regulations under section 254 A (3) of Corporation Act. As per Corporation act these sections rules are needed to be followed and companys regulations are directed by this methods. An organization is governed by its directors on the shareholders behalf according to Section 198A. There are certain onus imposed on the directors according to the Corporation Act 2001 applying to many organizational structures like public organizations and proprietary organizations etc. The powers of an organization are exercised by its directors. The only exception is if the constitution of the organization needs the organization to conduct a general meeting. The general meeting does not give express powers related to the business of the company. Powers of the members include the appointment of the directors and the directors should be paid the total remuneration cap and should be determined by the members of the general meeting. The members should also vote at the meetings of the shareholders and should amend the constitution. They should also amend the constitution and the shareholders should be registered by them. All members should be requested the circulation of a statement. The management of an organization is the responsibility of the members of the general meeting. It is not possible for the organizational business to be managed by the directors without the constitutional clause. A person using a registered trademarks relating to imported goods which are similar to goods respecting to which trademarks are not infringed. According to the Section 191 of the Corporations Act, the material personal interests are revealed to the board and deals with the conflict of the interests. There should be a strict liability for any offenses based on a subsection and the directors of the company have material personal interests relating to the companys affairs. Notice of an interest is given to the directors which arise as the directors are the members of the organization held in common with other members of the company. The proprietary organization as well as the other directors is aware of the extent and nature of interests in relation to the company affairs. The extent and nature of the company are given notice by the directors of the organization. The notice is given to a person who is made the new director of the company. The extent or the nature of the interest has not materially enhanced above the disclosed in the notice. A standing notice of the extent and nature of interest and notice is successful to the interest relation. There is a relation of the interest to the affairs of the organization. A meeting of the directors is as soon as practicable after there is awareness among the directors in the matter. An annual General meeting has its own business including the consideration of the annual financial report, report of the directors and the report of the auditors. It consists of the report of the directors and the auditor, the directors election and the auditors appointment. There is a vote on the resolution which is not binding to the organizational directors. There is a vote on the resolution which cannot be cast on behalf of a member of management personnel detailing the remunerations which are inclusive of the remuneration report. Such member should have a party. By the proxification of the writing specifying the vote on the resolution or the voter being the chair of the meeting or the proxification of the chairman. A vote casting on a persons behalf cast as a proxy of the person and respect the share in respect of which the person has the voting power and the exercising power, a right to vote. According to 250R of the corporation Act 2001 a person cannot cast a vote and company disregards any votes on Resolution 1. Reference list Symon, H,Corporations Act 2001. in , Melbourne, Leo Cussen Institute, 2006. "Corporations Act 2001 - Sect 117". in , , 2016, https://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s117.html [accessed 22 September 2016]. "Corporations Act 2001 - Sect 134". in , , 2016, https://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s134.html [accessed 22 September 2016]. "Corporations Act 2001 - Sect 135". in , , 2016, https://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s135.html [accessed 22 September 2016]. "Corporations Act 2001 - Sect 233". in , , 2016, https://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s233.html [accessed 22 September 2016]. "Corporations Act 2001 - Sect 254A". in , , 2016, https://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s254a.html [accessed 22 September 2016].