What do I need to know before choosing a name?

Before choosing a name it is important to make sure it has not already been taken. Some places you can check this include:

• ASIC: This is the official government website for the Australian Securities and Investments Commission. It is responsible for regulating the business environment.

  • To register a business name with ASIC: https://connectonline.asic.gov.au/RegistrySearch

  • For an overview of legal requirements for small business names: http://asic.gov.au/for-business/your-business/small-business/compliance-for-small-business/small-business-knowing-your-legal-requirements-business-names/

• IP Australia: This is a government website that allows you to search whether or not your trademark, idea, innovation or brand is not already registered on the intellectual property database for Australia.

• To search for a trade mark: http://www.ipaustralia.gov.au/get-the-right-ip/trade-marks/search-for-a-trade-mark/

• GoDaddy: GoDaddy is the world’s largest domain name registrar. As such, to discover whether your domain name for the business of your website is free, go to https://au.godaddy.com/domains/domain-name-search

• Google: A fast and simple way to determine whether or not your potential business name has been taken is to search it in Google.

 

Once you have decided on a name, you can choose to register the business name with ASIC.

• ASIC, ‘Registering a business name’: http://asic.gov.au/for-business/registering-a-business-name/

 

Do I need a non-disclosure agreement?

A non-disclosure agreement is designed to safeguard a business’s confidential information. More information about when and how to use a non-disclosure agreement can be found here: http://www.startupcommons.org/confidentiality-agreement--nda.html

 

Which business structure should I choose?

Sole Trader:

As a sole trader, you are legally responsible for all aspects of the business. Any debts or losses that arise as a result of the business cannot be shared with other individuals. However, the sole trader is advantageous as it has few legal and tax formalities. As such, it is the simplest and cheapest business structure you can choose and highly suitable for start-ups in the beginning.

 

Partnership:

A partnership is an association of up to 20 people who run a business and share any income or losses between themselves. The management and control of the business is shared between partners. It is relatively inexpensive to set up and operate.

 

Company:

A company is a legal entity separate from its shareholders. This means that the company’s owners can limit their personal liability and are generally not liable for company debts. However, there are higher set up and administrative costs to adopting a company business structure due to additional reporting requirements. Company officers and directors must comply with legal obligations under the Corporations Act 2001. To incorporate your business, you need to register with ASIC.

 

For more information on your choice of business structures:

• Australian Tax Office, ‘Choosing your business structure’ https://www.ato.gov.au/Business/Starting-your-own-business/Choosing-your-business-structure/

• Australian Government, ‘Business structures and types’ http://www.business.gov.au/business-topics/business-structures-and-types/Pages/default.aspx

• To register a company and for more information on how to incorporate and why this may or may not be suitable: Australian Securities and Investment Commission, ‘How to Start a Company’ http://asic.gov.au/for-business/starting-a-company/how-to-start-a-company/