A company is controlled and managed by its directors and owned by its shareholders.

A company is a separate legal entity and distinct from its shareholders and directors. It is an ‘artificial legal person’ with the same rights and responsibilities as a natural person. A company can:

  • enter into contracts with others
  • buy, own and sell property
  • sue and be sued.

The Australian Securities and Investments Commission (ASIC) regulates companies. A company is a complex business structure with higher setup and running costs and more reporting requirements than sole trader or partnership structures.

Starting a small business

Steps Progress

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

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