Omnibus Books
Tue, 19 Oct 1999, 07:45 amWalter Plinge2 posts in thread
Omnibus Books
Tue, 19 Oct 1999, 07:45 amAfter further investigation it is apparent that Omnibus Productions is a Registered Business Name ONLY. Omnibus, according to the ASIC (Australian Securities and Investment Commission)records is not an incorperation or Pty Ltd company at all and as such is not required to show its books to anyone except the taxation department. The directors of the company are personally liable for any monies borrowed and need to put forth personal assuraties when borrowing money...eg:put their house up as collateral. Hence, if a show made a large enough loss and they were unable to repay a bank loan they would indeed loose their house.To ask a registered business name only company to show its books to the public is no different to someone asking to see my personal bank account statement. Of course you can ask to see it but they are not legally or indeed morally bound to disclose any profit or loss.
Walter PlingeTue, 19 Oct 1999, 07:45 am
After further investigation it is apparent that Omnibus Productions is a Registered Business Name ONLY. Omnibus, according to the ASIC (Australian Securities and Investment Commission)records is not an incorperation or Pty Ltd company at all and as such is not required to show its books to anyone except the taxation department. The directors of the company are personally liable for any monies borrowed and need to put forth personal assuraties when borrowing money...eg:put their house up as collateral. Hence, if a show made a large enough loss and they were unable to repay a bank loan they would indeed loose their house.To ask a registered business name only company to show its books to the public is no different to someone asking to see my personal bank account statement. Of course you can ask to see it but they are not legally or indeed morally bound to disclose any profit or loss.
Grant MalcolmTue, 19 Oct 1999, 09:16 am
Re: Omnibus Books
Hi Carol,> After further investigation it is apparent that Omnibus Productions
> is a Registered Business Name ONLY.Thanks for clarifying this.If you check my old posts, you'll see that this is the position i have held from the outset.> To ask a registered business name only company to show
> its books to the public is no different to someone asking to see my
> personal bank account statement.Your analogy is faulty.I don't come around to your house and do voluntary work for you that you stand to profit from. You would probably think i was crazy if i did.But heck, i love gardening. I come round to your house 3 days a week and cultivate, water, mow the lawn, pot things up. I even pay for quite a few things out of my own pocket, some seeds, fertiliser, potting mix and of course my petrol to get there each time. You keep selling everything i pot, first for $15, then $25, and finally my stuff is selling at $50. You never give me any of the money. "One day i will", you say, as you hand over $20 to the mower man. Didn't i used to do that for free?I'm not crazy. I just love gardening and there aren't many gardens in Perth, you know.Eventually you sell the house.> Of course you can ask to see it but
> they are not legally or indeed morally bound to disclose any profit
> or loss.Legally, fine.Morally? Private individual/s standing to benefit from the efforts of hundreds of volunteers? Wouldn't you think the volunteers were just a little crazy?For me, this has always been the central issue. Almost all voluntary work in our society is done for not-for-profit, incorporated associations. This is one of the requirements for an organisation to qualify for a voluntary, work-for-the-dole placement. The Associations Incorporations Act protects the rights and interests of volunteer members. They're indemnified (to some degree) against personal financial loss, they have a say in the running of the association, and the proceeds must be put back into the association's activities.A registered business name provides no protection or rights for the volunteers involved. Is a registered business name an appropriate structure to support the activities of what is fundamentally a volunteer organisation?Whether or not anyone apart from the Omnibus business partners should be entitled to see the books is not, for me, simply a legal issue. The question, "Can you see the books?" is asked in the context of 70 or so other theatre companies around WA and hundreds across Australia, where volunteers dedicate countless hours and where the answer to that question is "Yes!"Cheers
GrantPS. Apologies for the delay in getting the new site up. Almost there!
> is a Registered Business Name ONLY.Thanks for clarifying this.If you check my old posts, you'll see that this is the position i have held from the outset.
> its books to the public is no different to someone asking to see my
> personal bank account statement.Your analogy is faulty.I don't come around to your house and do voluntary work for you that you stand to profit from. You would probably think i was crazy if i did.But heck, i love gardening. I come round to your house 3 days a week and cultivate, water, mow the lawn, pot things up. I even pay for quite a few things out of my own pocket, some seeds, fertiliser, potting mix and of course my petrol to get there each time. You keep selling everything i pot, first for $15, then $25, and finally my stuff is selling at $50. You never give me any of the money. "One day i will", you say, as you hand over $20 to the mower man. Didn't i used to do that for free?I'm not crazy. I just love gardening and there aren't many gardens in Perth, you know.Eventually you sell the house.> Of course you can ask to see it but
> they are not legally or indeed morally bound to disclose any profit
> or loss.Legally, fine.Morally? Private individual/s standing to benefit from the efforts of hundreds of volunteers? Wouldn't you think the volunteers were just a little crazy?For me, this has always been the central issue. Almost all voluntary work in our society is done for not-for-profit, incorporated associations. This is one of the requirements for an organisation to qualify for a voluntary, work-for-the-dole placement. The Associations Incorporations Act protects the rights and interests of volunteer members. They're indemnified (to some degree) against personal financial loss, they have a say in the running of the association, and the proceeds must be put back into the association's activities.A registered business name provides no protection or rights for the volunteers involved. Is a registered business name an appropriate structure to support the activities of what is fundamentally a volunteer organisation?Whether or not anyone apart from the Omnibus business partners should be entitled to see the books is not, for me, simply a legal issue. The question, "Can you see the books?" is asked in the context of 70 or so other theatre companies around WA and hundreds across Australia, where volunteers dedicate countless hours and where the answer to that question is "Yes!"Cheers
GrantPS. Apologies for the delay in getting the new site up. Almost there!