So you’ve decided to take the plunge into the exciting world of business. Starting a business is one of the most satisfying ventures to undertake as you’ll be working for yourself and watching your efforts bear fruit. You need to set up your business in the right way to ensure your enterprise runs smoothly without any hiccups.
Initial Setting Up of Your Business
The first thing that you have to do is decide on what sort of business structure you’re going to need for your particular service. Perhaps you’re a plumber and want to start a plumbing service business as a sole proprietor. That means that you’re starting your business as an individual who’s trading on their own. Now you’ve got to choose a name for your business.
Once you’ve decided on the name for your business, the next step is to apply for and register your business name with the relevant authorities. In Australia, you have to register your business name in the Australian state or territory in which you plan to operate. Before you can register your chosen business name, you must first check to see if the name is already registered as a business. If it hasn’t, then you can go ahead and register your business with the relevant State Consumer Affairs Department.
Next, you have to apply for an Australian Business Number or ABN. This is a unique 11 digit number which is exclusive to your business. You’ll use this number when transacting with other businesses or customers. It’s important to include your ABN on your sales invoice otherwise your debtors have the right to withhold 46.5% of any payment due to you. It’s necessary to have an ABN to facilitate communication and dealings with the Australian Taxation Office or ATO.
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