Home – New Forums Starting your journey ABN and Business name Reply To: ABN and Business name

#1063543
MA Accounting
Member
  • Total posts: 16
Up
0
::
gardiye, post: 78993 wrote:
One last question :)

With regards to registering business name, in the application form (http://blis.fairtrading.nsw.gov.au/__data/assets/licence_file/0006/278367/ap4551.pdf) I can see that you can enter 2 applicants. In my case I would like to have my partner to be in this as well. However she doesn’t have an ABN?

Can I include her in the form and put my sole trader ABN to register the business? or should I consider getting an ABN as a partnership 1st?

Thanks in advance.

You are right in that you would need a partnership.

Sole trader is just for one person.

It might be worthwhile to sit down with an accountant and look at what is the best structure for you. Partnerships are great but like a sole trader structure they dont offer much in terms of tax planning and keeping your personal assets safe.

Your business is an online retailer. How has your market testing gone? do you feel your business is ready to take off? If so then it may be a good idea in investing in the right structure from the start.

The downside though is that there are some upfront costs as well as on going costs, however it is money well spent when you think of the tax savings and peace of mind they provide.

Hope that helped.

Mena