is there any problem for a person being a director of his own sole trading company...

is there any problem for a person being a director of his own sole trading company considering the fact that he is a foreigner in Australia?

Solutions

Expert Solution

Yes,there is a problem to some extent for a person being a director of his own sole trading company considering the fact that he is a foreigner in Australia.It is a bit difficult for a foreigner to set up a sole trading company in Australia since the procedure and rules and regulations are strict and lengthy.To set up sole trading company,the foreigner should complete the registration procedure and should strictly adhere to rules and regulations imposed by Australia.The person need to provide evidences of his past business experiences inorder to attain permission for setting up sole trading company.He need to submit his financial history to the respective officials about profits and losses of previous businesses.Then he should provide the structure and plan of the business which he is going to in Australia along with his business and technical expertise.After setting up sole trading company,the director's company is under observation of Australia and then it checks if director is violating any rules,regulations and takes necessary legal actions against the director.The financial position and activities of sole trading company are oftenly checked. Therefore,it is a problem for a person being a director of his own sole trading company considering the fact he is a foreigner in Australia.He need to abide with the restrictions and rules imposed by Australia and he is under constant observation.

Rahul Sunny answered 11 months ago

Next > < Previous

Related Solutions

Yinsongya, a sole proprietor trading as Yinsongyasco Trading Enterprise requested Yintomya and Company, a firm of...

Yinsongya, a sole proprietor trading as Yinsongyasco Trading Enterprise requested Yintomya and Company, a firm of Chartered Accountants (where you are employed as a trainee accountant) to prepare the accounts of her business for the year ended 31st December 2019.Your audit manager assigned this work to you. Your interview with Yinsongya and the scrutiny of her records revealed the following:- i) She did not maintain double entry book-keeping system. ii) All sales were on credit basis. During the year Yinsongya...

Which person would need a real estate license? A person who is selling his own property....

Which person would need a real estate license? A person who is selling his own property. A resident manager collecting rents. A person negotiating exchanges for another. A person acting as "Power of Attorney" under a court order without compensation. Which of the following situations would be cause for automatic revocation of a license? A buyer’s agent lied to his client. A buyer’s agent lied to the seller. A broker made a mistake in the bookkeeping of his trust account....

Joe is the sole director and shareholder of Homes Building Pty Ltd, a company that builds...

Joe is the sole director and shareholder of Homes Building Pty Ltd, a company that builds prestigious homes in Perth, Western Australia by mainly using sub-contractors and a few employees. Joe knew that due to the downturn in the building industry, the company’s business was in trouble. For the last 6 to 8 months, Joe had been making late payments to his sub-contractors and had accrued $200,000 in overdue payments. Joe had also missed some payments to the Australian Taxation...

Gary Reynolds is a sole trader and runs his own business as an architect. Gary tried...

Gary Reynolds is a sole trader and runs his own business as an architect. Gary tried to expand the business 12 months ago by borrowing $100,000 from Rap Bank, employing two assistant architects and setting up a new office on Mitchell Street, Darwin. Gary now finds that his operational costs and debts are much higher than the revenue coming in from the architecture services he provides. A number of creditors are now pressing Gary for payment, including the landlord who...

Compare between Limited Liability Company and Sole/one Person Corporation

Should a person be able to choose to end his or her own life? If so,...

Should a person be able to choose to end his or her own life? If so, under what circumstances? 1 pages paper please

Oliver is the sole shareholder, director and employee of Northrop Consulting Engineers. Oliver's company owns and...

Oliver is the sole shareholder, director and employee of Northrop Consulting Engineers. Oliver's company owns and operates a spraying aircraft for spraying crops and pastures with either fertilizers or pesticides. The business charges farmers on an hourly basis for the use of the aircraft and for Oliver’s time in flying the aircraft. Oliver charges $400 per hour of which around $50 per hour would be for his labour. The business also charges farmers for the spray being used. The only...

An entrepreneur create his own business. He is a person who plans , organize, operate and...

An entrepreneur create his own business. He is a person who plans , organize, operate and assesses the risk for the purpose of establishing a business venture . Nevertheless there , there are some basic steps that entrepreneurs must follow a. Discuss the entrepreneurship process. b. List and discuss the procedure for the starting Andy business in Ghana . As an entrepreneur or business person , what are the possible challenges and their solutions you found on the ground.

Mastery Problem: Evaluating Variances from Standard Costs Sole Purpose Shoe Company Sole Purpose Shoe Company is...

Mastery Problem: Evaluating Variances from Standard Costs Sole Purpose Shoe Company Sole Purpose Shoe Company is owned and operated by Sarah Charles. The company manufactures casual shoes, with manufacturing facilities in your state. Sarah began the business this year, and while she has a great deal of experience in manufacturing popular and comfortable shoes, she needs some help in evaluating her results for the year, and asks for your help. Starting Questions Sarah’s first questions for you have to do...

Mastery Problem: Evaluating Variances from Standard Costs Sole Purpose Shoe Company Sole Purpose Shoe Company is...

Subjects