In Australia, there are several types of corporations that can be established, including:
- Proprietary Limited Company (Pty Ltd) – This is the most common type of business structure in Australia and is suitable for small to medium sized businesses. It has limited liability and is required to have at least one director and one shareholder.
- Public Company Limited by Shares (Ltd) – This type of company can have an unlimited number of shareholders and can raise capital by issuing shares. It is required to have at least three directors and a minimum of seven shareholders.
- Australian Registered Scheme (ARS) – This type of corporation is used for managed investment schemes, such as unit trusts and property trusts.
- Co-operative – This is a business structure where the members own and control the company. It is used for businesses that are owned and controlled by their members, such as agricultural cooperatives or consumer cooperatives.
- Partnership – A partnership is a type of business structure where two or more individuals carry on a business together.
- Sole Trader – This is the simplest form of business structure, where a single person operates the business and is responsible for all its debts.
Each type of corporation has its own unique characteristics and requirements, and it’s important to consider the specific needs and goals of your business when choosing which type of corporation is right for you.