Register A Company or Trust
Tilley Business Accountants have helped register & maintain tax obligations of thousands of companies in Brisbane
Starting a business and choosing the right structure can be hard, but it doesn’t have to be if you have the right advice. Tilley Accountants specialise in business accountancy services for businesses of all size, structure and industries. With over 30 years’ experience, our expert staff can help you to set up, manage, report and meet compliance requirements. We are certified practicing accountants (CPA) and have been servicing the Brisbane inner south suburbs of Coorparoo, East Brisbane, Norman Park, Morningside, Cannon Hill, Camp Hill, Carina, Holland Park, Annerley and Greenslopes areas for over 30 years.
New business services:
The Australian Business Number, or ABN, is a unique identifier issued by the Australian Business Register (ABR) which is operated by the Australian Taxation Office (ATO). Whilst it is not necessary to have a ABN, it is highly recommended. If you don’t have an ABN, other businesses have to withhold 46.5% from their payments to you. If you’re required to register for GST or if you wish to claim Fringe Benefits Tax, you must get an ABN.
Under the Corporations Act 2001, every company in Australia has been issued with a unique, nine-digit number, an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.
A Tax File Number (TFN) is a unique number issued by the Australian Taxation Office (ATO) to individuals and organisations to help manage tax and other government services. The type of TFN that you need however, can depend on your business structure. If you operate a partnership, company or trust, your business will need its own TFN. A TFN can be obtained at the same time as an Australian Business Number (ABN), using the same application form. Sole traders use their individual TFN in dealings with the ATO.
Search and Register a Business Name
When setting up your business, if you choose to operate as a sole trader, partnership or a trust, and not as a company, then you will have to register your business name with the Australian Securities and Investments Commission (ASIC). If your business name is your, or your partner’s, first name and surname, then there is no need to register. Before registering, you should also check that your proposed name doesn’t already have a trade mark registered against it.
Search and Register a Company Name
One of the benefits to registering as a company is being able to register a company name. With a company name you have the advantage of holding exclusive rights to that name in Australia, without having to register in each state. You can only choose a company name not already registered to a company or business, and there are also limitations on which words you can use.
Set up a Company
A company is a separate legal entity capable of holding assets in its own name and conducting business in its own right. There are many advantages to setting up a company, and this includes limiting liability for shareholders, protecting assets of the business owners, and favorable tax rates. Some disadvantages include complexity and expense to set up and maintain, complex reporting requirements, and public visibility of financials.
Set up a Partnership
A partnership is an association of people or entities running a business together, but not as a company. Potential advantages include ease of set up and low costs, opportunity for income splitting, and it’s easy to change your legal structure later if circumstances change. Potential disadvantages include the unlimited liability of the partners for the debts of the business, each partner is liable for actions by other partners, and if partners join or leave, you will probably have to value all the partnership assets and this can be costly.
Set up a Sole Trader
A sole trader is an individual trading on their own. It is the easiest business structure to set up and maintain, start up costs are low, and as the boss you keep all the profits. Potential disadvantages are that you have unlimited liability for debts as there’s no legal distinction between private and business assets, your capacity to raise capital is limited, and you’re taxed at individual tax rates.
Set up a Trust
A trust is an entity that holds property or income for the benefit of others. Benefits include the structure providing more privacy than a company, flexibility in distributions among beneficiaries, and the trust income is generally taxed as income of an individual. Disadvantages of a trust include that the structure is complex, expensive to establish and maintain, complexities of loan structures, and the powers of trustees are restricted by the trust deed. There are multiple types of trusts including property trusts, business trusts, family trusts, unit trusts and more.
Set up Incorporated Association
Incorporation is a voluntary, simple and inexpensive means of establishing a legal entity, separate from the individual members. It is particularly suitable for small, community-based groups. Incorporated Associations are not profit organizations. Any profits made should be kept by the association and should not used by members for personal gain. When a club or community group incorporates, it becomes a ‘legal person’ – that is, a legal entity that stays the same even if its members change. It can enter into contracts in its own name; for example, to borrow money or buy equipment. This protects the individual members of the association from legal liabilities.
Why use a specialist business accountancy practice to set up your business/ company?
- Get specialist advice on which company or business structure is best suited for your needs
- We explain the pros and cons of each structure type
- We discuss implications on IP, tax and asset protection
- We take care of the appropriate paperwork and registrations
- Benefit from our 30 years + experience
The standard rate is $1,200 for setup and registration of a Company, ABN, TFN and business name. The standard rate for a Trust with a Corporate Trustee is $1,815 (includes ABN, TFN and Business Name Registration). Tilley Business Accountants special introductory rate is for new clients only. We can have you up and running in a matter of hours. Ask us for an obligation free consultation. (*conditions apply)
Our certified practicing accountants have acted for businesses of all sizes, from small to medium enterprises to international companies. Start your business on the right foot, with the right structure and the right advice. To find out how Tilley Business Accountants can help you, speak with one of our specialist business accountants today.