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  • #978606
    AgentMail
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    Hi All,

    So we just recently changed over from a sole trader to a pty ltd business. Firstly, anyone reading this who is thinking of getting into business, do your homework on company structures. i never knew or considered that when we changed from a sole trader to a pty ltd company, we are effectively selling the business and therefore have to pay capital gains tax!

    Ok, my two questions:

    1. So we have a business name registered (AgentMail) and we now need to transfer this over from the sole trader to the pty ltd entity. I tried going through the form on ASIC website to transfer, but it came up asking me for an ASIC key, with no explanation of what that is. Does anyone know?

    2. We are also moving premises, and have to sign a new commercial tenancy agreement. On the signing page (as we are signing the lease in our company name, not our personal one), it has
    ‘ Execution By Tenant
    Executed By: …………………………………
    in accoradance with section 127 of the Corporations Act 2001 (Cth)

    ………………………… ……………………………….
    Director Director

    Now I understand I sign in the director section, but what is the executed by bit all about. I have called the agent, but thought I would post on here while I wait for his call, and just see if anyone else has been confused by this.

    Thanks for any help on either question

    #1108272
    MyGreatIdea
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    • Total posts: 2,278
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    AgentMail, post: 120271 wrote:
    i never knew or considered that when we changed from a sole trader to a pty ltd company, we are effectively selling the business and therefore have to pay capital gains tax!

    Really ?!? We didn’t, but then again our business wasn’t turning over anything either lol

    1. So we have a business name registered (AgentMail) and we now need to transfer this over from the sole trader to the pty ltd entity. I tried going through the form on ASIC website to transfer, but it came up asking me for an ASIC key, with no explanation of what that is. Does anyone know?

    We did this by printing out the transfer of ownership of business name form, filling it out and mailing it off…sometimes the old-fashion ways work better lol. Then we made a call to ATO to have the business name added to the company info.

    2. We are also moving premises, and have to sign a new commercial tenancy agreement. On the signing page (as we are signing the lease in our company name, not our personal one), it has
    ‘ Execution By Tenant
    Executed By: …………………………………
    in accoradance with section 127 of the Corporations Act 2001 (Cth)

    ………………………… ……………………………….
    Director Director

    Now I understand I sign in the director section, but what is the executed by bit all about. I have called the agent, but thought I would post on here while I wait for his call, and just see if anyone else has been confused by this

    Enter your company name as “Executed By” – it just means who is carrying out the signing of the document.

    Wendy :)

    #1108273
    victorng
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    Hi Carl,

    ASIC now issues you with an ASIC key for your business name. Because you have a pre-nationalised business name, they will only send you an ASIC key when it’s renewal time. You can request an ASIC Key online – see here: http://www.asic.gov.au/asic/asic.nsf/byheadline/ASIC+key?openDocument.

    The ‘executed’ bit is basically just a way of saying ‘signed’. So signing a lease is executing a lease. Section 127 of the Corps Act basically sets out how a company can execute a document (two directors or sole director or director and secretary).

    Cheers,
    Victor

    #1108274
    Kennethti
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