Home – New Forums Starting your journey ABN/Business Name Partnership Catch22

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  • #967975
    CHS
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    • Total posts: 6
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    My husband and his new business partner are in the process of working out all the required documentation.

    Could someone please confirm which form is the most appropriate to fill out first:
    – Business Name
    – ABN

    We ask as the business name form makes reference to an ABN (Under Owners – Corporation) and then the ABN form for partnership requests the business name, so we are not sure which should come first.

    Possibly ‘Owners – Corporation’ not apply to Partnerships and only the ‘Owners – Individuals’ should be filled out, but this is not made clear.

    I know this may come across as a silly question to experienced people in this field, but we do not wish to make a simple mistake.

    Thank you.

    #1030061
    MattR
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    • Total posts: 196
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    1. The ABN of the structure comes first e.g for joe & jeff partnership
    2. Once ABN obtained then apply for trading name
    3. Once trading name registered update the ABN records.

    #1030062
    akagrp
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    • Total posts: 315
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    Hi

    Matt is correct.

    Make sure when applying for ABN, you also tick GST If Applicable, PAYG Withholding if planning to employee staff and also Tax File Number.

    As the partnership will require its own tax file number.

    Also with Business Application, not sure best way to answer as each state has different layout, but normally the question is advise owner, corporation or partner and you simply complete as appropriate, ie in you case personal names of partners.

    Make sure you also have some form of a partnership agreement, as I have seem major issue down track when this is not done at start.

    All the best

    #1030063
    CHS
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    • Total posts: 6
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    All,

    Thank you for clarifying this so quickly for me.

    I’m very glad I found this forum. It makes me feel like we have a stronger chance of success with a community like this to turn to.

    CHS

    #1030064
    Anonymous
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    Hi CHS,
    We’re glad you found us too! Good luck with these initial stages of your start-up, and we’ll look forward to getting to know more about you and your business.

    Meanwhile thank you (as always!) to Anna and MattR for being so helpful!

    Have a great long weekend folks :)
    Jayne

    #1030065
    CHS
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    • Total posts: 6
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    Hello All,

    How long should the TFN for a partnership take to process?? We completed all the forms via the ato website last week, and still havent heard anything back… Is this normal to take so long

    cheers

    CHS

    #1030066
    Dardee
    Member
    • Total posts: 430
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    It can take up to 28 days to get a response from the ATO.

    #1030067
    CHS
    Member
    • Total posts: 6
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    28 days, wow…

    That being the case, can we still do the partnership ABN registration without out having received partnership TFN??

    Which then leads on to business name registration, bank accounts etc
    ????

    cheers
    CHS

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