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Thanks Mena, so in my case I can’t simply put down 2 applicants in the business registration form? both needs to be attached to an ABN in order to put in the business name registration?

We have done bit of market testing and don’t think our business will take off as soon as we start. However we have a good potential of building up to a good level in few months/ years time. So would it be better to start it simple and consider the right structure once we are confident with the business?

MA Accounting, post: 79013 wrote:
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.