The establishment of a legal entity that is detached from the individual entities of the individuals for the purposes of conducting business as a group is known as incorporation.1 It is a simple and voluntary act which is ideal for small enterprises that is an alternative to forming a company that is limited by guarantee or a co-operative. With the incorporation of a company come certain advantages and responsibilities as defined by the Australian Law. The individuals who chose to form an incorporated association are not entitled to use the profits accrued in the process of conducting the business for personal gain.
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Proprietary Company Case Studies Samples For Students
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Various Issues Relating to the Corporations Act and their Effects on Directors and their Duties
The directors are required by the Corporations Act 2001 not to do anything that requires disclosure to investors. If they fail to do so they are held liable by Sec 45 of the Corporations Act that stipulates the governance of a small proprietary company. According to Peter the constitution of Kandy K restricts the directors to facilitating a loan of not more than one million dollars unless the members pass the resolution in a general meeting as was the case in Howard v Patent Ivory Manufacturing Co (1888) where the decision by the directors to borrow over the stipulated limit was nullified. ...
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