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  • #984683
    Zac-96
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    Hi Flyingsolo,

    I am after some information on the best way to enter a Business partnership both here in Australia, and then expanding overseas.

    Currently, me and my business partner both have sole trader ABNs but wish to have a Partnership ABN for our business prior to launch. What is the best way to do this through the australia government so taxes are split evenly etc. Are there any costs involved with entering a partnership or registering a partnership (if required)?

    Within 1 month of launch here in Australia, we are expanding our new service into the UK/US. What is the best way to make the business legal over in the United States or if its registered as a partnership + business name in australia, does this not matter?

    The business is purely online.

    Would love your help, any would be much appreciated.

    Thanks

    #1149067
    Anonymous
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    Hi Zac-96,

    Those are the kinds of questions that you’ll usually need to consult an accountant to answer, as a lot will depend on your individual circumstances and the nature of your business.

    However, there are a few people around here who can probably give you some top-level guidance – fingers crossed someone will pop in and do that soon.

    In the meantime, welcome to Flying Solo, and thanks for joining us :)

    Jayne

    #1149068
    Mark Jeffreson
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    Hi Zac-96

    A partnership is not a legal entity, therefore there are no registrations required here in Australia other than a partnership ABN (free through the Australian Business Register) and a partnership business name through the Australian Securities and Investments Commission for small annual or 3-yearly fees.

    Some good information on business name registration here: http://www.asic.gov.au/asic/asic.nsf/byHeadline/Registering%20a%20business%20name

    For tax purposes you will need a partnership Tax File Number. Apply at the Australian Taxation Office.

    Your accountant and tax agent can do all of this for you. You may also consider (and I think it’s wise) to have in place a partnership agreement formalising the terms, conditions and understanding you and your business partner have with regard to your business relationship. You’ll need a lawyer to draft this.

    The requirements for setting up business in the USA will depend a lot on the nature of your business and the physical presence you will have in that country. The transnational tax implications of how you expand your business there will then come in to play, and I would recommend you seek advice from a tax accountant familiar with international tax before you proceed.

    Cheers
    Mark

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