Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)6. Part 1.5: Small business guide
6.1 The small business guide was inserted into the Corporations Law by the First Corporate Law Simplification Act 1995 . It summarises the main provisions of the Law that are likely to be relevant to small companies.
6.2 The guide is designed for the people who operate small businesses and aims to help them understand their rights and responsibilities if they choose to incorporate their businesses. It gives an overview and provides short answers to basic questions about the Law, and then directs the reader to the relevant part of the Law if more detail is required.
6.3 The Bill will substitute a revised guide so that it continues to reflect the substantive provisions of the Law relevant to small companies.