Setting up a business is an exciting time for entrepreneurs. But there are a number of steps individuals must complete before opening their doors to trade.
As a potential business owner, the best way to ensure you are thoroughly prepared from a legal perspective is to contact MDL’s Brisbane commercial lawyers.
In the meantime, here are five steps the state government recommends undertaking to get your business up and running.
1. Secure licences and registrations
New businesses will often need specific licences or registrations, such as health and safety credentials or environmental permits. The specific documentation you’ll need is based on various factors, including your industry, the number of employees, business structure and location, among others.
2. Register your business name
The process for registering a name differs depending on your organisation’s business structure. However, all businesses – including companies, partnerships, sole traders and trusts – must register with the Australian Securities and Investments Commission.
3. Tax registration
The Australian Taxation Office is usually the next stop, which is where you must register your business for tax purposes. Again, the type of business and number of employees will have an impact on tax obligations. However, Goods and Services Tax and Fringe Benefits Tax are two of the most common charges.
4. Register a trade mark
Trade marks ensure your business’s goods and services are easily identifiable. Words, phrases, logos, letters, sounds and a range of other distinguishing attributes can become trade marks. A registered brand has more legal protection should anyone infringe on your trade mark.
5. Domain name registration
Most modern businesses need a website – and that means you must register a unique domain name. There are various domain name types available, including .com.au, .net.au and .org.au, some of which have specific requirements.