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The word “company” derives from the Latin corpus, meaning physique, and the Maurya Empire in Iron-Age India accorded legal rights to business entities. Utilities produce public companies corresponding to water, electricity, waste management or sewage remedy. These industries are often operated beneath the charge of a public government. Having a business name does not separate the business entity from the owner, which implies that the owner of the business is accountable and answerable for money owed incurred by the business. If the business acquires debts, the creditors can go after the proprietor’s private possessions.

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Find out what you should lodge and if a Business Activity Statement is needed. Understanding tax necessities helps ensure your business is taxed accurately and avoids penalties. Get an summary of report preserving, registering for taxes and your choices for paying tax. A business name helps your prospects determine your corporation from others. If your business name is completely different to your own name, you will must register it. Talk to a business adviser, accountant or solicitor for advice.