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How do trading names work in Vic??

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Old 06-09-12
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Default How do trading names work in Vic??

Hi All.

I currently have a side business which i run after hours of my full time sales role.

I have been running this online e-commerce business for 3 years now.
I have a registed business name and abn for this business for Business A...

I currently have 2 other ventures i am looking at which i have secured domain names for.

My question is can i run Businesses B & C through Business A's ABN etc... I am a sole trader..

The other 2 businesses will have different websites etc.... One is completely out of the industry where the other is related...

If anyone has any ideas or advice that would be great...

Cheers
JAse

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Old 06-09-12
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Default Re: How do trading names work in Vic??

Quote:
I have a registed business name and abn for this business for Business A...
This is not technically correct.. If you are the owner of the business name, then you have registered the ABN for yourself, not for "Business A".

Quote:
My question is can i run Businesses B & C through Business A's ABN etc... I am a sole trader..
As noted, the ABN will be yours personally as a sole trader, not the ABN of Business A - so, yes, you as a sole trader with your ABN can register as many business names as you like - and, these days business names are registered through ASIC and you'll be asked for your ABN on the application.

So - doing the above will see you and your ABN as owner of Businesses A, B and C. The fact they are in different industries is fine.

Whether or not doing the above is the 'right' structure for you personally is a different matter; yes it can be done, but should it be? Keep in mind as a sole trader with the 1 ABN all income from businesses A, B and C goes against your ABN and ultimately your taxes etc (likewise, you can claim expenses from A, B and C in your taxes etc.) If you're looking to expand into operating 3 'separate' businesses then a different structure might be a better fit for your plans. Your accountant will be able to advise on the best structure for you/your personal circumstances.

Hope this helps, all the best

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Old 06-09-12
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Default Re: How do trading names work in Vic??

I agree, best to meet with an Accountant to make sure the structure is right for you.

For the record I have 2 businesses registered under me as the sole trader and 1 ABN.

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Default Re: How do trading names work in Vic??

Thanks very much...

These other businesses at this stage will be very small and wont have a great turnover at this stage...
I will look at restructuring later if they become big enough to do.

Thanks again
Jase

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