The incorporation of a company limited by shares as a form of corporate business organization

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[...] However, reserving the company name can avoid a number of problems. The name must be reserved with ASIC two months prior to the date of lodging an incorporation application. The application for reservation of a company name can be mailed to ASIC or in person at any ASIC Service Center or lodged electronically via ASIC's website (Fitzpatric et al., 2011). A company name reserved with ASIC cannot be the same than an existing company name and has to be declared acceptable by regulations 601DC). [...]

[...] An example is the case of Brewarrana v Commissioner of Highways (1973), where this argument was rejected Conclusion A company limited by shares is by far the most important category in Australian corporate practice. The most important consequence of this is that the members of a company have limited liability. That company - as a separate legal entity - is responsible for its liabilities as an individual contracting party. If a company purchases items such as construction materials from another company, she is obliged to pay for them. [...]

[...] However, the company limited by shares is the most popular form of business organization. A propriety company limited by shares may be a propriety (private) company or a public company limited by shares. This essay will mostly concentrate on a private company limited by shares. The terms ‘company limited by shares is defined in the Corporation Act in section 9. Section “ 1.0 Introduction” briefly summaries what it will be present in this essay. Section “ 2.0 Background” gives the background information about the essay topic. [...]

[...] Section “ 5.0 The incorporation of a company limited by shares” focuses on the incorporation of companies limited by shares. This part explains the process of incorporation; involves pre- registration requirements, registration by ASIC, post-registration obligations and how it is effect of incorporating a company limited by shares. Section “ 6.0 Analysis” includes economic justifications for limited liability and piercing the corporate veil in Australia. Finally, section “ 7.0 Conclusion” concludes main findings in body paragraph. Background The history of the Australian legal system has a lot in common with the English legal system. [...]

[...] However, if the company makes a call, shareholders are liable to pay the balance of the issues price of their partly paid shares immediately. Also if such a company becomes insolvent, the shareholders are liable to pay any unpaid amounts without a call having to be made (Lipton et al., 2013). The shareholder of a company limited by shares has limited liability, so creditors of this company cannot satisfy their debts with the personal property of the shareholders (Lipton, et al., 2013). Hence, a limited company should have the world ‘limited' or ‘Ltd' at the end of the company's name 148(2)). [...]