Business Name Registration - CapitalQ

Business Name Registration

The system for registering Business Names is now handled by ASIC, in replacement of the old State-based systems.

It has removed much of the flexibility associated with registering a business name and adds to the importance of getting it right.

First things first, if you want to trade using a name other than your own, you must register a business name. It is against the law to do otherwise. Not to mention a poor business practice as you have no protection over your name.

The name needs to be registered via an ABN, the right ABN

The registration of a business name takes on even great importance when there are unrelated parties involved in a business. In order for everyone’s rights to be protected, it must be registered correctly.

Some other key points to keep in mind

  • A domain name, is not a business name, holding a domain name doesn’t give you the right to run a business under that name
  • While owning the business name is important, the protections it provides your business has its limitations.
  • Don’t let your registration lapse, as soon as you do, someone else could pinch it out from under you

On the topic of domain names

With alarming frequency, we come across businesses that have the ownership of their domain names incorrectly structured. This is of major concern when there are unrelated parties involved in a business, so make sure you get it right, all your rights could be seriously in jeopardy.

Regardless, if your domain name is an important component of your business (as is the case for most businesses these days) if it is held outside your business structure, it could result in unforeseen tax consequences in places you don’t expect when you sell.

It could also find itself at the mercy of Creditors if it technically fell outside the protection of your business structure we worked so hard to secure.

On the topic of protections provided by registering a business name

A Trademark is much more protection than just a business name. Yes, there are costs involved, and of course, a solicitor is required in this regard. But we would encourage you to consider registering your Trademark and we can point you in the direction of good people who can help should you so desire.

More about Accounting & Tax

ARE YOU A BUSINESS OWNER WHO WANTS TO PAY LESS TAX?

Book your FREE,
No Risk, Initial
Consultation today
and receive our
FREE GUIDE TO
BUSINESS SUCCESS

What our customers say

Logo for Nigel Dennis & David Lunn

Providing the Financial Sounding Board to Grow a National Business

CapitalQ provides important services for our business by assisting us in relation to a wide range of financial and business growth matters on a consistent and ongoing basis. Specific support has included: implementing easy to read monthly financial management reports; identifying significant tax saving strategies (including an annual saving of nearly $30,000 a year on Payroll Tax); recommending and implementing business changing cloud-based software platforms; and streamlining our internal accounting and bookkeeping processes. This support has meant that CapitalQ has effectively become our financial sounding board so we can make informed strategic decisions about our business. This in turn has allowed us as Directors to focus on expanding our business to a national presence (currently three States and growing).
Nigel Dennis & David Lunn Nigel Dennis & David Lunn Nigel Dennis & David Lunn

Nigel Dennis & David Lunn

Co-Founders and Directors of BidWrite (Australia’s Leading Specialist Tendering Consultancy)

Footer
LinkedIn icon