Why a Company
A company is a separate legal entity from its shareholders and therefore provides some protection over its owner’s personal assets. However, its directors can be legally liable for their actions and the debts of the company if in breach of their directors duty.
A company is a complex business structure and has high set-up and reporting costs. You can form a company as either a private (also known as proprietary) or public entity.
A registered company must have at least one director (and a company secretary unless it is a private company). A director is responsible for managing the company’s business activities.
Advantages and Disadvantages of a company
The advantages of a company include:
- Limited liability for shareholders.
- Well understood and accepted structure.
- Able to raise significant capital.
- Can carry forward losses indefinitely to offset against future profits.
- Easy to sell and pass on ownership.
- Profits can be reinvested in the company or paid to the shareholders as dividends. Note that sole-director companies must distribute all profits.
The disadvantages of a company include:
- Significant set-up and maintenance costs.
- Do not retain complete control.
- Complex reporting requirements.
- Can’t distribute losses to its shareholders.
How we can help
We can assist you weigh up the pros and cons of a Company structure and the key considerations including:
- Legal obligations
- Tax obligations
- Financial costs etc.
If a company proves to be the right structure and its benefits outweighs the costs, we can help deal with all the complexities.
Why set up a company with us
We provide most comprehensive suite of services and documentation for in our company setup package, as follows.
The services included our company set up package:
- Registration of the company
- Registration of business name (optional)
- Registration of ABN
- Registration of TFN
- Registration of GST (if required)
- Registration of payroll withholding tax (if required)
- Registration of payroll tax (if required)
- Registration of FBT (if required)
- Tax planning discussion
- Business transition planning
The documents included in our company set up package
- Certificate of Registration
- Letter to Commissioner of Taxation
- Letter to the Bank Manager
- Officeholder Consent
- Register of Members
- Members Resolution
- Share Certificate
- Notice of ABN registration
- Notice of GST registration
- Notice of PAYG registration
- Notice of TFN registration
- Notice of Payroll Tax registration
- Notice of FBT registration
How Wilson & Associates helps us with our profit turn-around and growth strategies – by Dr. Watson, CEO, Ethos Health,13/06/2018
Wilson & Assoc provides robust planning, rigorous performance management, commercial and strategic advice, and helps drive profit and accelerated growth.
What we are about
We are a leading chartered accounting firm providing Tax and External CFO services.
We provide financial clarity and structure, illuminate roadmap to vision, translate strategies to actionable plans, help build agility and resilience to thrive under all conditions.
We bring 25 years of experience solving complex problems at large corporates to servicing clients without the big costs.
Our mission is to help clients create the financial future they want. Our business is to help save tax, build wealth, and grow amazing business. Our brand is built on trust. Our reputation is built on mastery and integrity. Our success is measured by the values we create for clients.