Task 1

The business has borrowed and invested millions in high tech equipment. He comes to you concerned about losing his properties if there is a downturn in the economy and enquires about setting up a company.

Q1a. Which key organisation is responsible for company regulation?

Q1b. Company officeholders (directors and secretaries) have several responsibilities.

If Anthony changes from his business structure from a partnership to a company, which Act of Parliament would regulate companies?

Company officeholders need to make sure they keep proper company records. This can include financial records, deeds, the members register, and minutes of meetings.

Q1c.In preparation for a face to face meeting with Anthony, review ASIC to identify five (5) compliance documents the business would need to maintain to meet its changed compliance requirements.

Q1d. What is the impact on the requirements of business operations, policies and procedures in relation to the storage requirements of financial records? (35-60 words)