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.

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What our customers say

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2017 was a bumperyear, that meant a big tax bill, or it would have if it wasn’t for CapitalQ

After a former business partnership fell apart, we needed help to restart and rebuild. That’s when we met Kapil, Duncan and the CapitalQ Team. They helped us get two new businesses off the ground and they have helped us achieve efficiencies and profitability in a very short time frame. In fact 2017 exceeded our expectations and while that meant we could buy our first super car (a Lamborghini Gallardo) that also meant we would be looking at a substantial tax bill. But Kapil and the Team went all out to come up with plans to help minimise our tax bill for the year and allow us to keep investing in our businesses (and our toys) ;) Based on our past dealings with other Accountants, we never knew the difference a good Accountant could make. We couldn’t have done it without them and we can’t recommend the Team at CapitalQ highly enough!
Ryan Shreeve & Tara Thomas Ryan Shreeve & Tara Thomas

Ryan Shreeve & Tara Thomas

Founder and Director VRN Cleaning & Founder and Director Eeve Security Services

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