Does My Company Need A Public Officer

Does My Company Need A Public Officer?

For companies in Australia there are a number of legal and tax obligations that must be met, and as your lawyers at Commercial Lawyers Perth will advise you, one of those obligations is to appoint a public officer. If you have never heard the term before or have started a new company and are unsure exactly what a public officer’s role will be, then read on.

The legislation which requires a company to appoint a public officer is the Income Tax Assessment Act. From that you may have already gathered that a public officer is not the official spokesperson of their company, nor do they act in any type of customer service role.

Instead, they are appointed as the person whose responsibility it is to make sure that the company meets its obligations with regard to the Act just mentioned in relation to taxes.

It should be noted that not just anyone can be appointed as a company’s public officer, albeit the legal requirements are fairly broad. They must normally reside in Australia and be at least 18 years of age. They also must be someone who fully understands their obligations and the role which they play as a company’s public officer.

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best interests shareholders rogue director

Best Interests – Shareholders and the Rogue Director

Shareholders (members) of private companies continually experience angst over their investments.  There is always the greater element of risk when investing in a private and/or start-up company.  More frequently after about six to twelve months they will find themselves bolt upright in bed at 3am suddenly realising that they might not see their money ever again.

The person they have linked their financial fate with is the director (and self-appointed CEO) who promised if they brought the capital he would bring the ideas and execution.  Around the time the first set of accounts are prepared it becomes obvious that he has used most of the money for ‘business development’ activities like lunches with friends and travel.

The avenues that are available to the member depend on the character of the director’s activities.  That is, are the actions fraudulent, negligent, intentionally misleading or just bad business.  The legal remedies available to shareholders will be a combination of the:

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