An association of less than 20 people formed for trading purposes will be regulated by:

Question

Quizplus · Accepted Answer

A group of less than 20 persons formed for trading purposes will be classified as a partnership and will be regulated by the Partnership Act of the relevant state or territory. The Associations Incorporation Act of the relevant state or territory is for larger not-for-profit organizations, while the Corporations Act 2001 (Cth) is for larger commercial entities. The common law may provide guidance on certain aspects of partnership law, but the Partnership Act will apply as the primary source of regulation for small trading groups.

An Association of Less Than 20 People Formed for Trading