Many business structures and transactions involve a company either large or small.
Many business structures and transactions involve a company either large or small. There are many benefits associated with using a company but people often do not understand the complexities and problems which can arise.
The Corporations Act and Regulations are over 2,500 pages long and there have been thousands of cases over the years dealing with companies.
Directors, and in some cases shareholders, have specific obligations and responsibilities which can expose them to liability but may also entitle them to benefits and rights.
The Australian Securities and Investments Commission (“ASIC”) supervises and polices companies to ensure their compliance with the Corporations Act. Many activities of a company have to be notified to the ASIC and, in many cases, it is a criminal offence to not notify the ASIC or not to comply with requirements of the Corporations Act.
If you are dealing with a company it is not as simple as dealing with an individual and there are many traps for the unwary. In many cases, once a mistake has been made it is very difficult to fix it. If you are dealing with a corporate matter, whether large or small, contact us to make sure mistakes are not made.