Choosing a business structure is one of the most important decisions you can make when starting and growing your business.
Your business structure can affect:
- the types of business registrations you require
- your taxation requirements
- your trademark registration
- other legal and financial obligations relating to your business operations.
Once you decide on a business structure, your solicitor or accountant may need to help prepare any legal documentation for you. You can read more about business structures here.
Registering a business name
Registering a business name is often a vital step in starting a business. It’s the name you want to trade or conduct your business under and it’s important to get it right, especially if you want to be covered properly by your insurance. Often business owners start with relatively simple structures but as your business grows or changes its operations, your structure and business name may need to change also.
There are a number of scenarios where you might need to register a business name.
- If you are operating your business as a sole trader under your personal legal name for example if Joe Black is operating a business and call it “Joe Black’ then you wouldn’t need to register a business name
- If you’re operating a business partnership under your name and the name of your partner for example if Joe Black and Sam White decide to run a business called ‘Joe Black and Sam White’ then you wouldn’t need to register your business name
- If you’re operating your business under your personal legal name plus other words included for example ‘Joe Black Auto Electrics’ then you would need to register your business name
- If you’re using a combination of words and phrases as your business name for example ‘The Best Ever Auto Electrician’ then you would need to register your business name
- If you have a company (Pty Ltd) operating under the registered name for example ‘The Best Ever Auto Electrician Pty Ltd’ and intends to also trade under this name then there is no need to register a separate business name
- If you have a company (Pty Ltd) and you are operating under a different name for example if Joe Black Pty Ltd wants to trade as ‘The Best Ever Auto Electrician’ then you would need to register a business name associated with the company.
If you are operating a business in Queensland that’s open to the public, you must display your registered name clearly outside all your business locations. You can register your business name using the Business Registration Service or find out more about registering your business name here.
If you want your business to operate as a company, you must also register with ASIC. Company directors must also apply for a director identification number.
There are plenty of qualified professional advisers who can assist you with your business needs, no matter what stage of your business journey. Our team of Qualified Professional Insurance Brokers can assist you with your Business Insurance needs. Give us a call on (07) 5482 7485 or email us here to Request a Quote.