You have put in the time and effort to conduct your study, and you are ready to go. Then you suddenly realise that you have no idea where to begin when it comes to starting a new company. Here is everything you must know about picking a business structure and getting your company up and running.
Vault Legal actively offers startup law advice and helps start-ups in achieving their business goals, such as establishing a suitable corporate structure, exploiting and protecting their intellectual property, and mitigating legal risk.
The following are a few things that you need to do when you are starting your business:
- Learn various business terminologies
First and foremost, you must become familiar with several popular business phrases and acronyms, etc. otherwise, reading the rest part of this write-up will make no sense to you.
- Get licensed
Based on your kind of industry, you may have to apply for a licence (or many licences) to operate your business legally in Australia.
- Ensure that you are not infringing the intellectual property of anyone
Do yourself a favour by checking the IP trademark registry of Australia for your selected name once you have decided on a name and tagline. Do this before you begin using it, as you may be inadvertently infringing on the trademark of someone else, in which case you may receive a threatening letter.
- Get your business structure properly done
Choosing the correct structure for your company is a crucial stage in the starting process.
- Get your ABN and TFN
After you have established your business structure, you will need to apply for your Australian Business Number (ABN). If you are in a partnership, running a business, or running a trust, you will also have to apply for your Tax File Number (TFN).
- Get your business bank account
If you are not a single trader, you will have to keep your business and personal business finances separate.
- Get all your documents in order
No matter what industry you are in, there are a few crucial documents that every business owner should have from the outset.
- Get familiar with all the Australian consumer laws
If you are selling in Australia, you should be well-versed in the Australian Consumer Law. It is a statute in each territory and state that offers all Australians rights when buying products and services in the country.
- Get cyber secure
You can find plenty of free materials online to get started (just make sure you are looking at respectable sources), or you can always hire a pro to assist you to fine-tune it and making it perfect.
- Get your business insured
This is an instance where you simply cannot afford not to spend the money. Consider the hazards in your firm that you cannot properly defend against, and then look for appropriate insurance to cover those risks.
We hope by following all these pieces of advice you can prosper in your business. All the best!