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The shareholders do not have ownership of the assets of a company. However, they are considered to have an interest in those assets.
Directors can be personally legally liable for their actions and, in some cases, the debts of the company; for example, unpaid PAYG withholding and super guarantee contribution amounts. Directors can also be imprisoned for unlawful activity by a company.
The money a company earns belongs to the company, not the individuals who own the company. Any property owned by a company is owned by the company as a whole. It does not belong to any one individual in that company.
Last modified: 25 Aug 2022
Starting a small business
Steps | Progress | ||||
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Is my hobby a business? |
9 mins | ||||
Business structures overview |
5 mins | ||||
Business registrations |
5 mins | ||||
Sole trader structure |
7 mins | ||||
Partnership structure |
10 mins | ||||
Company structure |
13 mins | ||||
Trust structure |
7 mins | ||||
Small business support |
10 mins | ||||
Related courses |
1 mins | ||||
Course Feedback |
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