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TYPE OF LEGAL ORGANISATION (TOLO) CLASSIFICATION
TOLO is a two level hierarchical classification. The 1-digit numeric code relates to the group level, which provides a broad level breakdown of legal organisations, and the 2-digit code denotes the class, which provides a more detailed breakdown of legal organisations.
12 Public Companies
13 Other Incorporated Entities
22 Family Partnerships
23 Other Partnerships
24 Trusts Regarded as Corporations
25 Other Trusts
26 Other Unincorporated Entities
32 Other Government Entities
33 Foreign Government Entities
A table showing correspondences between the current and previous TOLO classifications is included in data cube (available from the downloads tab). The remainder of this chapter discusses the composition of each of the TOLO Groups and Classes.
Group 1 – INCORPORATED PRIVATE SECTOR ENTITIES
This group comprises all private sector entities which have a separate legal identity from their members (i.e. shareholders). They may be incorporated through the Corporations Act or other government legislation.
CLASS 11 – PROPRIETARY COMPANIES
This class consists of entities, incorporated through the Corporations Act, as proprietary companies (defined under section 45A (1) of the Corporations Act 2001). These companies have restrictions on how they may operate, for example they are not permitted to have more than 50 shareholders or offer its shares to the public.
Under the Corporations Act there are two types of proprietary companies: those limited by shares and those with unlimited liability.
Proprietary Limited companies must have at least one non-employee shareholder and must not have more than 50 non-employee shareholders. The liability of shareholders is limited to amounts unpaid on shares held by them. These companies must use Limited at the end of their name and are known as Proprietary Limited companies.
Alternatively, shareholder liability may be unlimited. These companies are known as Proprietary companies and must use Proprietary or Pty at the end of their name.
CLASS 12 – PUBLIC COMPANIES
This class consists of entities incorporated through the Corporations Act which are:
The liability of shareholders of companies limited by shares is limited to amounts unpaid on their shares. The liability of members of companies limited by guarantee is limited to the amounts that they undertake to contribute in the event of the company being wound up. Many NPIs are incorporated as public companies limited by guarantee.
The activities of 'No liability' companies are restricted to those directly involved in mining and are not entitled to calls on the unpaid price of its shares.
Also included are companies which are incorporated through state or territory legislation that are listed in prescribed financial markets such as the Australian Stock Exchange.
CLASS 13 – OTHER INCORPORATED ENTITIES
This class consists of entities which are incorporated through means other than the Corporations Act such as state or territory associations' acts or the Commonwealth's Corporations (Aboriginal and Torres Strait Islander) Act 2006. These entities have a legal identity separate from their members or shareholders.
Also included here are Australian branches of corporations registered overseas.
Group 2 – UNINCORPORATED PRIVATE SECTOR ENTITIES
CLASS 21 – SOLE PROPRIETORSHIP
This class consists of single owner entities which do not operate through an incorporated entity. The owner of the business is personally responsible for all business decisions and liabilities.
CLASS 22 – FAMILY PARTNERSHIPS
This class consists of partnerships formed by members of the same family who enter into a formal agreement to conduct business. As with sole proprietorships the partners are personally responsible for business decisions and liabilities.
CLASS 23 – OTHER PARTNERSHIPS
This class consists of partnerships comprised of individuals who enter into a formal agreement to conduct business. Membership is not confined to members of the same family. The partners may be companies, government departments or individuals. Partners operate under their own names and are responsible for business decisions and liabilities.
CLASS 24 – TRUSTS REGARDED AS CORPORATIONS
This class consists of all trusts which behave as corporations. A trust is a legal arrangement whereby a trustee manages an asset on behalf of the beneficiaries of the trust. This may include overseeing business activity on behalf of the beneficiaries. The terms of the arrangements are set out in the trust deed. Units in this class are all regarded as notional institutional units and are classified to the Corporations sectors in SISCA.
CLASS 25 – OTHER TRUSTS
This class consists of all trusts, other than those regarded as corporations. A trust is a legal arrangement whereby a trustee manages an asset on behalf of the beneficiaries of the trust. The terms of the arrangements are set out in the trust deed.
CLASS 26 – OTHER UNINCORPORATED BUSINESSES
This class consists of unincorporated entities other than sole proprietors, partnerships and trusts. Examples of other unincorporated entities are sporting or social clubs. Legally these do not have a separate identity from their owners.
Group 3 – PUBLIC SECTOR ENTITIES
CLASS 31 – GOVERNMENT COMPANIES
This class consists of government units (as defined in 'Unit of Classification') which are created as bodies corporate through the Corporations Act in Australia or through other legislation.
CLASS 32 – OTHER GOVERNMENT ENTITIES
This class consists of all government units (as defined in 'Unit of Classification') except those that are created as bodies corporate.
CLASS 33 – FOREIGN GOVERNMENT ENTITIES
This class consists of foreign government entities which operate in Australia.
1218.0 - Standard Economic Sector Classifications of Australia (SESCA), 2008 (Version 1.1)
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 06/09/2013