What is a Company?$$

$($Select all that apply$)$

Question $2$Answer

a$.$

$$A type of business structure where the business forms a separate legal entity.$$

b$.$

Company members have limited liability.

c$.$

Company is a simple and not expensive business structure to start and run.

d$.$

The$$money the business earns belongs to the company.

e$.$

A business structure$$requires to keep financial records for $3$ years.

f$.$

A tax return is required to be lodged with the$$Australian Taxation Office $($ATO$).$

g$.$

$$Company members are legally responsible for all aspects of the business including any debts and losses and day$-$to$-$day business decisions.