Starting a new Business
You may start trading by registration of a business name as a sole trader. Nowsaday, you may register a business name and apply for an Australian Business Name (ABN) online at the Austeralian Government Business Registration Service.
If you are trading with a business partner, you may consider to structured the business operating as a partnership or joint venture or under a company name or under a trust.
If you trade a sole trader, you will personally undertake all the business responsibilities such as you can be sued as well as your business. Creditors may recover the business debts from you.
A partnership is that you trade with one or more than one business partners together. You and your partners are liable for the business.
A limited partnership is a trading entity trades under limited liability. Application for registration of a limited partnership is through Office of Fair Trading.
A joint venture, in general, are two or more entities join to operate a business, and that business would be a project, such as land development or a international trade project.
A limited liability company is a legal entity with limited liability. The liabilities of a shareholder is limit by its fully paid company shares.
A trading trust operate business on behalf of its beneficiaries with terms and conditions under the Deed of Trust.