Business Structure
Types of business
You have to decide on a legal structure when you start your business. The main choices are:
- sole trader (also called a "single proprietor");
- partnership;
- trust; or
- company.
How to Decide?
To decide on the best structure, you should contact a specialist business solicitor at BBC Lawyers.
Preparation
Before you spend all your money, make sure you take into account all the potential costs, and other financial needs of your business, a budget /marketing plan; understand legal obligations, checked with council, researched any technological innovations that could help (or harm with competition) your business.
Choosing a Business Name
You will have to register a business name - look at the Australian Securities and Investments Commission website - which shows all registered Australian names - company names, business names in every State and Territory of Australia.
Registering a Business Name
You have to fill in the application form with the basic details of the business and pay the fee. If the name is available it will be registered and you will be sent a certificate. There are more formal rules for registering a company - we cover these in another fact sheet.
A Business Plan
This is a good way to look at the potential of your business. Many people develop this plan with their professional adviser. Alternatively, there is software available which you can use to put a plan together. You may then want to run it past your lawyer or accountant.