As lawyers regularly advising small business here are a few practical tips for new businesses in Australia.
For participation in any national economy different kinds of legal structures are available and each have advantages and disadvantages. The considerations are different for participation in the International economy.
Take advice on the best structure for you – sole trader, partnership, trust, company
The advantages and disadvantages of one form of structure over another are determined by factors such as:
Tip – Get advice on this before you begin as changing later will usually cost you more in legal fees, accounting fees, stamp duty and capital gains tax.
Register your “Business Name”
Register your Domain Name
Do this even if you are not planning to have a web site.
Tip – Check on the availability of the domain name you want before you register your business or company name.
A specialist Domain Name provider
Protect your name | Trade Mark
TFN | ABN | ACN | GST … and more
Open a bank account
Tip – Take the original of the Business Name Registration, Company documents or Trust Deed.
Terms & Conditions – customers – document and communicate
Signing a “Letter of Intent” or “Agreement to Lease” is often, right then, a binding lease and you have lost any real bargaining power to negotiate the terms of the lease. Speak to us before signing such a document so that we can give you some words to make any agreement subject to a formal Lease Agreement on terms to your satisfaction being entered into.
More information: Qld
Insurer / Insurance Broker
As well as your trading and domain name you may need to consider development and protection of other IP such as:
Need help for your start-up small business? Contact us
Please Note: This is not legal advice but it may help you understand the law. Read more...