Hi Josh, Yes, as Clifford points out, a Pty Ltd. is rather like an LLC. You designate the number of shares you want in the company, to represent degrees of ownership.
It's a good idea to cover the basics from the start. I have a legal document which explains my 'terms of trade', that I paid for from a law firm. I can incorporate into a project agreement, or an ongoing work agreement, and it spells out immediately where legal responsibility begins and ends. I'm only now organizing my financial structure, but if I was starting from scratch I'd find a good bookkeeper to come over once a quarter and handle BAS, etc., and I'd ask them in from day one to explain how to track financial data. It depends what you're doing, but I think having your own company can increase chances of winning certain types of projects too. But it does cost more to run, and it takes a little while to figure that out. I'm beginning to work out now that I have to charge x dollars more an hour to afford the structure. It's not a huge added expense, though, and the advantages outweigh the overhead, imo. If it's a company without any employees, but only a director (you), there are different structures for handling salaries than drawing a traditional wage - though this is something you'd need an accountant to advise you about. Cheers, Nicholas On May 11, 12:57 pm, Joshua Partogi <[email protected]> wrote: > Hi all, > > Related to this topic, to start a startup business in Australia, what > do we need from legal perspective? Do we only need an ABN? Is there > anything else that we need? Also, is there anything like LLC here in > Australia? > > Kind regards, > Joshua > > On Tue, May 11, 2010 at 8:25 AM, Jason Kotchoff > > <[email protected]> wrote: > > Hey, thought there might be a few rails peeps out there who would find > > this interesting - I just got an article up at: > >http://www.ipitch.com.au/public/articles/bootstrapping-a-startup-for-... > > > and it talks a little about some pros and cons of doing your own thing > > (as opposed to taking a paid gig). > > --http://twitter.com/scrum8 > > -- > You received this message because you are subscribed to the Google Groups > "Ruby or Rails Oceania" group. > To post to this group, send email to [email protected]. > To unsubscribe from this group, send email to > [email protected]. > For more options, visit this group > athttp://groups.google.com/group/rails-oceania?hl=en. -- You received this message because you are subscribed to the Google Groups "Ruby or Rails Oceania" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/rails-oceania?hl=en.
