Before you even start your application to register a business, you must have all the data you need on hand. You should be ready with all the particulars that you might need to submit on the spot. Here are some questions to help in your prep work.
Is Your Business Name Available?
You cannot take a name that is already taken by any other business. You can use a specific online system as per your region and find out the name availability.
How Can You Guard Your Business Name?
Remember that if you register your business name, it does not guard you against third party claims for trademark infringement. To ensure that your proposed business name does not infringe on a currently registered trademark, you must only look for available trademarks.
Is it Limited or Unlimited Business?
You should know that proprietary businesses can be limited by shares or it can be unlimited with a share capital.
- Talking about limited shares, it is the most general kind of proprietary company. This limited share means every shareholder’s liability is limited to the sum they have agreed to pay for the shares.
- Unlimited with a share capital means that there would be no limit on the personal liability on you if you are the shareholder. It means you could be liable for the business debts, even if you have paid for your share in full.
It is essential here to decide if your business will be limited or unlimited. Then, suppose you have a proprietary limited company or business. In that case, you must have the words ‘proprietary’ and ‘limited’ or abbreviations of such words at the end of your name, for example, Pty Limited, Proprietary Limited, Proprietary Ltd, Proprietary Ltd, and so on.
However, if you have a proprietary unlimited business, you can only have the word ‘proprietary’ at the end of your name.
Are There Rules for Your Business Name?
You can choose a business name, or you can ensure that your business is known by its Australian Company Number (ACN).
Remember that there are rules that govern the name business can use. The public should be in a position to tell if the business is public or proprietary. Also, they should be able to know if the shareholders have limited or unlimited liability.
How Long Would It Take to Register Your Business?
It is important to estimate the timeframe to register a business so that you can manage things accordingly. For your information, a business or company registration form usually takes around 15 minutes to complete. Once you have submitted it, your business would typically be registered within 2-3 minutes.
However, it would happen only if there is no issue with your registration application.
What Information Do You Need to Register Your Business?
It gets crucial to know about the information you need before you register your business. To register your new business, you would have the following information handy:
- For Directors and Secretaries: You need a full name, full residential address, and also date and place of birth of everyone.
- For Shareholders: Full name, address, and also the number of shares for every shareholder of the company.
- General Information: It is like the address of the registered office and main place of business.
Hence, if you follow the rules, ask the right questions, and take proper actions, registering a business is not too difficult.
