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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.
Last modified: 15 Nov 2023
