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ZET or Z.T.E.Choose a company name. (TO DO (Required (Other potential…
ZET or Z.T.E.Choose a company name.
I suggest Pty. Ltd.
Limited or unlimited company?
Proprietary companies may be 'limited by shares' or 'unlimited with a share capital'.
Limited by shares is the most common type of proprietary company.
Limited by shares means the personal liability of each shareholder is limited to the amount they have agreed to pay for the shares.
Unlimited with a share capital means there is no limit on the personal liability of the shareholders. That is, shareholders could be liable for the debts of the company even if they have paid for their shares in full.
Limited or unlimited company?
Proprietary companies may be 'limited by shares' or 'unlimited with a share capital'.
Limited by shares is the most common type of proprietary company.
Limited by shares means the personal liability of each shareholder is limited to the amount they have agreed to pay for the shares.
Unlimited with a share capital means there is no limit on the personal liability of the shareholders. That is, shareholders could be liable for the debts of the company even if they have paid for their shares in full.
Replaceable rules or constitution?
ZET has decided to use "Model Constitution,
ZET & Z.E.T are availble
Decide on state/territory of registration
NSW I presume ?
TO DO
Choose registered and business addresses
Companies are required to have a registered office address and a principal place of business address.
Registered office address
This is where all communications and notices to the company will be sent.
This address must be within Australia and can't be a post office box address.
Principal place of business address
This is where your company mainly conducts its business. This can't be a post office address.
Required
Choose company officeholders
Directors and secretaries are known as the officeholders of a company.
For each officeholder, you will need to provide their:
given and family names
date of birth
place of birth, and
residential address.
Directors
A proprietary company must have at least one director, however you can appoint more than one if you want to.
Other potential roles, OPTIONAL
Secretaries
Proprietary companies do not need to have a secretary but you can appoint one or more if you want to.
Treasurer
Vice Chair or Director
SHARES
Decide on the share structure
Share class
The share class distinguishes between the different rights that may be assigned to different shares. For example, some share classes give you the right to vote in company decisions or the right to receive a dividend.
Most proprietary companies use 'Ordinary Shares'. There are no special rights attached to 'Ordinary Shares'.
Total number of shares
This is the total number of shares, in each class, issued by the company. The number of shares the company issues represents the company's capital.
The number and price of the shares will be determined by the amount of capital needed by the company. If you are unsure about the amount of capital your company needs, seek legal advice.
Total amount paid and unpaid
A shareholder (also known as a 'member') may pay the full amount when they purchase the shares, or they may only pay a portion. The amounts paid and unpaid must be included in the share structure.
Choose the shareholders
Shareholders own the shares in the company and may be people or companies. Shareholders are also known as 'members'.
Shareholders are legally obliged to pay the company the agreed amount of each share.
See Members of a company for more information on shareholder requirements and responsibilities.
The share structure includes the number and class of shares the company has issued and the amounts paid and unpaid on these shares.
A company must issue at least one share to one shareholder
.