Legal Tips To Setting Up A Business
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Legal considerations
After you have decided on the structure of your business, there are a number of essential steps that must be undertaken.
• For sole traders, use your own name or register a business name with The Office of Fair Trading.
• Companies are required to register a company name with Australian Securities and Investment Commission (ASIC).
• Register for an Australian Business Number (ABN) with the Australian Taxation Office.
• Register for the relevant taxes, including GST and PAYG.
• If you intend to employ, obtain information on awards, superannuation policies, workers compensation, PAYG taxes, as well as other relevant employment information.
• Verify what licences/registrations may be required for your business through the Office of Fair Trading.
• Organise insurance, including public liability insurance and professional indemnity insurance, where appropriate.
• Contact your local council regarding zoning, health regulations and whether you need to lodge a Development Application or Building Application.
• To gain protection for your intellectual property (IP) register logos, trade marks, patents, copyright and designs with IP Australia.
• Many businesses have a strong internet presence for marketing purposes, and you will need to register your website domain.
• In the case of sole traders or directors, it is advisable that you draw up your will.
Hi Matthew, Great article.My partner and I ,mentors and minders of small and medium businesses for the past 20 years, have seen it all: bad accounting, rough and cheap bookkeepers, very little heart but big bills and messy accounts.
And business owners should take advice/notice if reminded of excessive expenditure.Just because it is allowable it may not be sustainable.
Anyone wanting further advice, refer to our webside and send us a question via email.Happy to help Free of charge
Happy businessing!
Matthew, really good tips. I could have used some of these when I was starting up. This is a good resource for folks getting ready to launch on their own. Especially the section on crafting a business plan, indisputably the most important part of a new venture. The part which deserves the most attention usually receives the least, the financial plan. When in doubt consult a professional – the financial plan is the cornerstone of your future success, and even a business with unlimited potential can fall short for sake of an ill-prepared financial plan.
Great layout of website as it is better thean other sites like http://www.business.gov.au, and tiehrs as it is easy on the mind to read as it is most likely has great information in it as it is required for people whom want to setup a business.
I would suggest though it would be a great idea to get on to facebook and other social media that is out there and then pay for adverts that way you could easiely be boosted buy more people visiting the site plus I would also turn in the google webmaster tools as it allows you to find any malware, and crawl errors more effectively
It’s about being fully independent, removing your limiting beliefs, being a good problem solver and constantly surrounding yourself with a positive/supportive environment.