TOPICS

Business organisations, legal regulation

Distinguishing different business structures; 18.1.1.

Business organisations, sole traders

Operating a business as a 'sole trader'; 18.2.2.

• What formalities must be followed to start up a business as a sole trader?
• Does the law distinguish between a sole trader and the business operated by that person?
• How does a sole trader acquire the capital and equipment they need for their business?
• Who is liable for debts and other legal obligations incurred by a sole trader in the course of their business?
• Can a sole trader employ people to work in the business for them?
• Who is entitled to business profits made by a sole trader? How are these profits taxed?
• Can a sole trader apply for an Australian Business Number (ABN)?
• Can a sole trader apply for a tax file number for their business?
• Must a sole trader register for GST purposes?
• If a sole trader's business grows significantly, can it be transformed into a different business structure?

Business organisations, business names

Business names; 18.3.2.

• If a person operates their business under their own name, must they formally register that business name?
• If a person adds anything to their own name, to create a more descriptive business name, must that business name be registered?
• What is involved in registering a business name?
• What restrictions are placed on the choice of a registered business name?
• What obligations follow from the registration of a business name?
• What is the difference between a business name; a trademark; a domain name and an Australian Business Number?

Business organisations, trusts

Trusts; 18.4.2.

• Can a trust be used to run a business?
• How is a trust created, and what legislation applies to trusts?
• Who owns the property that is vested in a trust?
• What duties are owed by a trustee to the beneficiaries of the trust?
• What happens to income generated by a trust?
• To what extent is a trustee personally liable for transactions carried out for the trust?
• Can a trustee also be a beneficiary of the trust?
• Does running a business as a trading trust provide tax advantages?

Business organisations, partnerships

Partnerships; 18.5.2

• What are the distinguishing characteristics of a partnership?
• How is a general partnership created?
• Does a partnership have a legal identity separate from that of the partners?
• What are the sources of partnership law?
• Are there limits on the number of partners in a general partnership?
• Who owns the assets that the partners contribute to the firm?
• Who is entitled to profits made in the course of business by a general partnership?
• How are profits that are made by a partnership taxed?
• Who is liable for legal obligations incurred by a partnership in the course of business?
• Who manages and represents a business that is operated as a general partnership?;
• Who is liable in tort for harm caused by a partner while carrying out the firm's business?
• Do partners owe each other duties based on notions of 'good faith'?
• Can a partnership employ people to work for the business?
• What happens to a general partnership if there is a change in the membership?
• How is a partnership ended?
• Is it possible for a partner to have limited liability?
• How do third parties know whether they are dealing with a limited partnership?
• Is it possible for a limited partner to lose the benefit of limited liability?

Business organisations, joint ventures

Joint ventures; 18.6.2.

• Why would the arrangement described give rise to a joint venture rather than a partnership?
• Do joint venturers have the power to represent each other as agents?

Business organisations, companies

Companies; 18.7.2

• What does it mean to say that a company has a 'separate legal personality' of its own?
• What different types of company exist?
• How is a company created?
• Can a company be used to run a small business by a single person on their own?
• Does a company have to register a business name?
• Who carries out the day-to-day operation of a company?
• What limits are placed on the exercise of power by company directors?
• What rules govern the internal management of a single director/shareholder company?
• What rules govern the internal management of multi-director/shareholder companies?
• Who is bound by transactions entered into by a company?
• How does a company get the capital and assets it needs to run a business?
• What is 'limited liability'?
• How does anyone know that the business they are dealing with is a limited liability company?
• What is a 'secured' transaction?;
• Can a company's assets be used to provide security for a debt?
• What agencies exist in Australia to regulate and supervise companies?
• What happens to profits a company makes? Who is liable to pay tax on company profits?
• How is the existence of a company ended?

Business organisations, public companies

Public companies; 18.8.2

• Can a proprietary company raise money by inviting third parties to become shareholders?
• How are public companies created?
• In what specific ways are public companies regulated differently from proprietary companies?
• What is the difference between a public company and a listed company?

Business organisations, comparing business organisations

Choosing the most suitable structure for a business; 9.1.

Weighing the relevant factors; 18.9.2.