Here are some important considerations.
DECIDE ON A BUSINESS STRUCTURE
When starting a business, it’s important to choose the business structure that best suits your needs. Your business structure, also known as the applicant or entity type, refers to the way you will operate your business. Types of business structures include:
Sole trader: an individual trading on their own
Partnership: an association of people or entities running a business together, but not as a company
Trust: an entity that holds property or income for the benefit of others
Company: a legal entity separate from its shareholders.
It’s important to remember that you can change your business structure as your business grows.
APPLY FOR AN ABN
Your ABN is a unique number that allows you to identify your business to government and other businesses.
REGISTERING A BUSINESS NAME
You will need to register a business name if you trade in any name other than your own natural name. For example if John Smith wants to trade as Western Blacksmiths, he will need to register the name, whereas he could trade as John Smith Blacksmiths without registering.
Applying for a business name costs $35 AUD for one year or $82 for three years.
Your business name is only your identification. Registering your business name doesn’t give you full rights over the name, so you might want to consider protecting your business name by trade marking it.
REGISTERING A WEBSITE DOMAIN NAME
Your domain name is your website address on the internet and gives your business an online identity or brand for your customers.
When picking a website name it’s best to go with a name that:
represents your business
is easy to remember, pronounce and spell
is three syllables or less.
If you want to buy a .com.au or .net.au web address you will need to have an ABN.