Introduction to Business Law for Australian Entrepreneurs – Part 1 of 4

This first instalment of our 4-part Introduction to Business Law for Australian Entrepreneurs, covers business structures as well as the business framework for operating a business in Australia.

Director’s Liability

Company directors have a wide range of duties and obligations, and the breach of one or more of these can result in a director’s liability for company debts. As a matter of general law, a company is an entity with a distinct existence from its owners. A company has ‘legal personality’ – it can sue and be sued and it can incur debts. A company is managed by its officers – directors and company secretaries who are also separate legal personalities from the company.