Companies
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5 Terms
Company
An organisation established under the corporations Act 2001 (Cth) as a separate legal entity.
What can a company do
Enter into legal arrangement in its own name
Own property
Sue and be sued in its own name
Corporations act 2001
Covers all aspects of company formation and certain aspects of company operations
Purpose of the corporations act 2001
Defines and gives legal existence to a company.
Sets out the duties and responsibilities of the directors of a company.
Sets out the external audit requirements of a public company.
Defines the different types of companies permitted to exist under the Act, such as public companies and proprietary companies.
Requires that the financial reports for a financial year of public companies and large proprietary companies comply with Australian Accounting Standards Board (AASB)