This Paper Discusses The Corporation's Act 2001 (Research Paper Sample)

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Australia’s corporate law has, like many others, gone through an evolution process through years. The Corporation’s Act 2001 is the statue that governs the business registration and governance I the country. In essence, the Act helps in regulating the formation as well as the operations of firms in Australia. Having been simplified in 2004, the Act outlines all the laws guiding the formation of companies, though partnerships are also included (Bostock, 2012). Currently administered by the Australian Securities and Investment Commission, (ASIC), the Act is applicable both at the interstate and the federal levels.
The Act explains the process and the requirements of registering a company, gives a highlight of the members’ rights as well as remedies, among other things. The Act under CA-2001 section 45A requires that a proprietary company has a “Pty Ltd" suffix. The implication is that such a firm cannot participate in raising capital from the public. Additionally, such a company is allowed to have a full foreign-ownership, one director has to reside in the country, must have at least one director and one shareholder and the office must be in Australia too (Bostock, 2012).
In terms of corporate governance, the Act requires the directors’ duties well explained and carried out wi...