Everything You Need to Know for Legally Starting a Business in Australia
If you are thinking about starting a business in Australia, you may be wondering what exactly is needed to legally do so. Here are a few things that you will need to know about the process.
Choose a Business Structure
A good business structure can make a big difference in how your company operates and your overall tax burden. It can also have a huge impact on the amount of work you have to do to get started, and may even affect your ability to raise money.
There are three main types of business structures. These include sole proprietorships, partnerships, and corporations. Each has its own advantages and disadvantages. The best way to determine what type of business structure is right for you is to assess how you intend to run your business.
The simplest type of business entity is the sole proprietorship. With this type, you are the owner of the business and will be personally responsible for all business liabilities. This is the most inexpensive option to set up.
Registering Your Business Name
Whether you’re starting a business or changing the name of your existing one, it’s important to ensure that it’s registered legally. By law, it isn’t possible to operate a business under an unregistered name.
If you’re planning to start a new business in Australia, make sure you’re familiar with the regulations and rules. Following these will help to prevent you from becoming embroiled in legal problems in the future.
First, you need to choose a name for your business. It should be descriptive, allowing customers to easily understand what you’re offering. Also, it should be unique. This will help you stand out from your competitors and build a brand.
Secondly, you should protect your name by trademarking it. Registering a trademark gives you exclusive trading rights over your business’s name. Trade marks are also useful in protecting your logo, logos, other signs, and other goods and services.
Apply for an Australian Business Number
When you are first starting your business in Australia, you need to register with the relevant authorities. One of the first steps is to apply for an Australian Business Number (ABN). This number is important because it helps you to easily identify your business. The ABN is also a good way to get a handle on your tax obligations.
An ABN is a unique 11-digit number that identifies your business. It is the best way to identify your business and track its activities. You can use it in invoices and for dealing with government departments.
Get the Right Business Permits and Licenses
When starting a business, you’ll need to obtain certain permits and licenses. These laws help protect you, your business, and your employees. Getting these permits and licenses in the right way is critical for ensuring a legal business.
The first step in getting the right business permits and licenses is to research the regulations and rules that apply to your industry. If you’re unsure about what you need to do, you can contact an expert to answer your questions.
Business owners must also make sure their intellectual property is registered in Australia. This includes patents and copyrights. Also, businesses must register with the Therapeutic Goods Association (TGA) if they sell therapeutic goods.
In addition, a variety of licenses and permits are needed depending on the type of business you operate. For example, liquor licenses are required for cafes.
Look Into Business Insurance
When legally starting a business in Australia you are required to adhere to certain legal obligations. One such obligation is to obtain and maintain suitable insurance coverage. Insurance covers physical assets and a business’s legal liabilities. It is also a good idea to take out a business interruption insurance policy.
Fortunately, insurers are willing to help small businesses get insured. To find a reliable insurance provider in your jurisdiction, contact the Insurance Council of Australia. The organization’s website lists member firms and offers details on their insurance products.
Using an insurance broker is a great way to find the best package for your needs. An insurance broker can be a useful ally in assisting with business plans, risk management and general insurance advice. However, it is important to remember that they are in the business of ensuring you get the cover you need, not just getting you a nice discount.