Upgrade to LightYear Docs Standard Company

About Product

The LightYear Docs standard company offers up to 8 classes of shares as well as the ability of the Directors to offer redeemable preference shares. Directors run the business and have wide powers in doing so.

► $129.00 (inc GST) - OR provided under your unlimited membership (exc ASIC fee)

► The master document has been signed off by Abbott & Mourly and is congruent with Australian law.

General Information

The LightYear Docs standard company is perfect for business and investment purposes. It should not be used as a Trustee of a SMSF (use the SMSF Special Purpose Corporate Trustee instead) or as a related investment company for a SMSF (use the SMSF Related Investment Company). The process in this interview is to upgrade a current company constitution to a LightYear Docs Standard Company Constitution.

Benefits

Easy upgrade process
Flexible and matches the requirements of the Corporations Act 2001
Provides flexibility in terms of appointing a chair
One director – one vote rule
The directors acting as a Board can conduct any legal business both in Australia and overseas
Several classes of share and redeemable preference share offerings

Frequently Asked Legal Questions

Who acts as Chair?

The Chairman has the casting vote in the event of any locked vote on the Board. The constitution allows a rotating chair or a chair who can be appointed for an indefinite or definite period.

Can the standard company be used for business purposes?

The LightYear Docs standard company has been built specifically for investment and business purposes and can undertake borrowing as well.

Do you provide a completed Form 201 with company documents?

No. From October 2019, Australian company registrations must be completed online. The paper Form 201 is no longer available and not required. All answers are sent directly to ASIC for registration.

Are existing share classes retained?

Existing share classes can be retained or you can use the LYD standard share classes.

Can the standard company be used for investment purposes?

The LightYear Docs standard company has been built specifically for investment and business purposes and can undertake borrowing as well.

How long does this document take to assemble?

Depending on the complexity of the data, this document should take approximately 5-10 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .

Is this document a legal document?

All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by Abbott & Mourly.

The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.

Is the document easy to read?

All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.

What lawyers sign off on the LightYear Docs documents?

All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.

Are the LightYear Docs documents reviewed regularly?

All LightYear Docs documents form part of the LightYear Docs internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.

Can I get a sample of this document?

Yes, please email support@lightyeardocs.com.au to request a sample document for you to review.