Home – New Forums Starting your journey How should I register my studio business?

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  • #993072
    Vennerator
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    Hi everyone so I am starting up a photography studio (food and fashion focus), I am the editor and my friend is the photographer, at the moment we just want to focus on photo shooting itself, but potentially having social media marketing services as well. Is that enough for me to just register a business name for my studio?

    Any experienced buddies here can give me some advices?

    Cheers.

    #1189626
    Anonymous
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    Hi there,

    Yes, ..you can register a business name, but you’ll also need to register an ABN/TFN for the business (and possibly register for GST and PAYG too). If you are going into business with a friend, it is a very good idea to have a partnership agreement from the outset. My company startupworld.com.au can set up all of your business registrations for you and provide you with a partnership agreement which will set you off on the right foot from the outset.

    There are no registration requirements or considerations around business structure for social media marketing, however depending on your customer base, you might find that some people feel more at ease when dealing with an incorporated company.

    There is a lot of information available about business structures online, I would suggest you do your research but it’s also a good idea to check in with your accountant/lawyer/financial advisor before making a decision on your business structure as there are also taxation implications (and personal liability implications) for each of the different types of structures.

    Good luck with the business!
    Ainsley Bryant – Startup World.

    #1189627
    MissSassy
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    Definitely get legal and accounting advice as these professionals will take into account both your personal circumstances, assets and more when suggesting your structure.
    As Ainsley mentioned you need a partnership agreement which discusses the good and the bad. Partnerships are fine until something goes wrong or someone starts to resent the other one for some reason. You need to be cautious when leaping into this type of business.

    #1189628
    Alex (LegalVision)
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    Hi Vennerator,

    Great advice from the other posters re ABN/TFN and tax registration. Agreed that you should think about setting up as a partnership, with a well-drafted partnership agreement. Even if you are amazing friends it’s better to have a partnership agreement in place when you go into business together, not necessarily because of a relationship breakdown, but simply to have a document that clearly sets out the rights and obligations of both parties to avoid any confusion down the track.

    The one downside to a partnership is that you are each equally liable/responsible for the actions of each other. You can find free templates of partnership agreements on our website.

    Since you’re running a photography studio, you are likely to have clients. If so I would also suggest having client agreements or Terms and Conditions drafted by a lawyer. This will set out things like fees, a cancellation and refund policy, indemnity clauses and so on. LegalVision can do this for you.

    You’ll also have some intellectual property/copyright concerns with the photographs you take – you can clear this all up in your various business documents. Eg, you will need to set out who owns the photos in the partnership agreement (you or your partner, or both), as well as looking into Model Release Forms if you are working with models or people, and would like to use the photos you take of others for marketing purposes.

    We have a number of articles up on our site about starting up a photography business, feel free to google it or message me for the links!

    Hope some of this is helpful!

    Alex – LegalVision

    #1189629
    Peter Watson
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    Make sure you register the domain name of your business. Very important! I see too many businesses that miss this step and then when they get around to going online, its too late.

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