Thought of a great business idea?

Great! To get started you’ll need to complete a few important tasks to make your business nice and legal. Luckily it’s all quite cheap and easy to complete. 

Let’s get started!

1. Choose your business structure.

The 4 most common types of business structures in Australia are:

– Sole trader – the simplest structure, gives you full control
– Company – more complex, limits your liability because it’s a separate legal entity
– Partnership – made up of 2 or more people who distribute income or losses
–  Trust – where a trustee is responsible for business operations

To read about business structures check out this article.

2. Register For Your Australian Business Number (ABN)

Your ABN is an 11-digit number that enables you to legally trade in Australia. It doesn’t replace your tax file number but is used for other tax purposes. It’s quick and easy to do. You can find the website to do so here.

3. Register Your Business Name

Woohoo! You’ve already done so much at this stage. Next is registering your business name. If you don’t have a name yet wait until you are certain before registering as there is a fee involved. When you are ready do so here.

4. Register Your Domain Name

You may have already done this step. 

Register your domain name as in www.cultivecreative.com. Many .com websites have been purchased but there are now many other formats that you can buy such as .com.au or .co to choose from. 

Sites to purchase from are Crazy Domains or GoDaddy.

We recommend selecting auto-renewal so it’s always yours.

Funny Story, Google the Billion dollar tech giant actually lost it’s url Google.com for a hot minute. The URL was returned ownership to the company and the purchaser or the URL was rewarded with a generous check that he very nicely gave to charity. 

Microsoft had a similar issue when it lost ownership of the Hotmail.co.uk website,  However, the person who bought the domain name returned it the same day.

5.  Insurances

Depending on your type of business you may need insurance. What happens if someone gets hurt or sick using your product?? 

The cost will depend on the type and set up of your business, and how you’ll be serving your clients. This can be a super tricky field to navigate, so we’d recommend contacting an Insurance Broker to make sure that you’re getting the best cover and the best deal.

6. GST

Good news at the time of writing this article you do not need to register for GST until your

– Business or enterprise has a GST turnover of $75,000 or more
– When you start a new business and expect your turnover to reach the GST threshold in the first year of operation
– Non-profit organisation has a GST turnover of $150,000 per year or more

For more on GST head here.

 

Disclaimer: The information provided in this website does not constitute legal, tax or accounting advice, but is designed to provide general information relating to business and commerce. The Small Business Advisors’ content, information products and services are not a substitute for obtaining the advice of a competent professional, for example a licensed attorney, law firm, accountant or financial adviser.