How does a company structure in Australia work?

In Australia, a company structure is governed by the Australian Securities and Investments Commission (ASIC) and the Corporations Act 2001. A company is a separate legal entity that is owned by its shareholders and managed by its directors. The company can either be privately owned or publicly listed on the Australian Securities Exchange (ASX). The board of directors has the responsibility to manage the company's affairs and make decisions that are in the best interests of the company. The company structure in Australia is flexible and can be tailored to suit the needs of the business, such as setting up a company with a sole director or appointing multiple directors. There are also legal obligations that companies must adhere to, such as keeping accurate financial records and reporting to ASIC on a regular basis.

This mind map was published on 22 May 2023 and has been viewed 135 times.