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While you may consider setting up a company singleproprietorship, the Corporations Act of 2001 does let you to set up a companywith now one person to personal and run the whole thing.If this is the method you want to go, then all you have to do is tip to your optionin the ASIC register application as "a proprietary company with incompletelegal responsibility". You will be together the sole shareholder and thesole director of your company. The company is legally careful as a soleshareholder/director proprietary company.You may speculate why anyone would decideto register as a sole proprietary company rather than as a singleproprietorship. Well, there is some genuine compensation to being registered asa sole shareholder/director company. Here are some potential reasons persons decidea company of a sole proprietorship: Lawful character of company.Once a company is register with the ASIC and an ACN have been is issue, thecompany becomes a legal entity with a character that is independent andseparate from its shareholder. The feature has important facts legally: Acompany can enter into contracts in its own name and it can also use, and besued. Consult to contractor Umbrella Company for advice all type help when new settingup a company.When a company is in debt, the money payable does not mechanically turn out tobe the money owing of the shareholder. As a consequence, a civil court case for the compilation of a sum ofmoney next to the company is not necessarily a legal act against theshareholder.This is because the legal responsibility of a shareholder is limited to the worthof his shareholdings unless he previously signed a personal guarantee in favor ofthe one pursuing legal action. This built-in restraint is not available insingle proprietorships or for sole traders.So if you are conduct business by yourself, and you desire to limit yourbusiness liability, then the sole shareholder proprietary company is for you.Flexibility in rightsIf your business grows in the prospect and you wish to create incentive foryour non-shareholder employees who have contributed to the achievement of yourcompany, and then a good way is to increase their involvement by transferringshares in the company to them.This is also known as a stock choice. Because of the company's arrangement, youare capable to accommodate additional non-shareholder employees into thecompany shareholdings without having to terminate the company's legal status.ContinuityAnother benefit of the self-governing personality of the company is that it maycarry on existing for the duration of its registration, notwithstanding changein the ownership of the company's shares. The death or retirement of ashareholder or the sale, transfer or assignment of the rights to a company'sshares will not mean the termination of a company's existence.You may one day decide to hand over the reins of the company to someone else,such as one of your experienced managers or employee-shareholders. Even whenthere is a change of directors, the company will still exist as its registeredself.It is worthwhile speaking with a legal adviser or accountant as to what is the beststructure for yourself and your business. Also dissimilar countries may have speciallegislation on this so check locally as well.It is likely to register a company online, but if this is a daunting prospectfor you, there are selected registered agents, who can advise and manage youronline company registration.
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