Home – New Forums Starting your journey **Need New Business Information**

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  • #984986
    JackMagic
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    Hi there,

    I’m starting an online business with my partner and I’m wondering who I would need to speak with to get the business up and running. I’m assuming we will need an ABN, ACN, Company Name, Civil Liability Professional Indemnity Insurance… is there anything else I’m missing?

    Any information, recommendations and preferable cheap referrals would be great!

    Cheers,
    Jack.

    #1150760
    Shane Black
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    • Total posts: 8
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    Hi Jack,

    You’ve covered the main things needed to get up and running and of course there is your domain name that you’ll need. The types or amount of insurance you need may vary depending on what industry your in or the type of products you are selling.

    You’ll need to work out what type of business structure you want to go with e.g. Company, Trust, Sole Trader, Partnership and whether you’ll register for GST. If you didn’t want to use a lawyer or accountant to help set this up you could look at a service like Cleardocs. Use http://www.abr.business.gov.au to see if your preferred name is available and it could be worth checking the trademark database too.

    I don’t have any recommendations on insurance but shop around or see who specialises within the industry your from to get the best price. There’s no shortage of places to get your domain name, ecommerce platform and email hosting. Let me know if you want any recommendations.

    I’m currently going through all of this myself with a side project so let me know if you have any other questions about it all.

    Cheers,
    Shane

    #1150761
    JacquiPryor
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    Hi Jack

    I would actually suggest using http://www.asic.gov.au to check if your proposed company/business name is available, as this is where you register through. You can do this yourself to save money if you prefer – or somewhere like shelcom.com.au offer a registration service for you, at lower costs than most accountants/solicitors.

    Just to clarify – an ACN will be automatically generated for any company name that you register; then the company would need to get an ABN. If you are planning to operate as a sole trader then you would get an ABN in your name and then register a business name. In any event you can apply for the ABN yourself through http://www.abr.gov.au; As Shane suggested, also conduct trademark checks (you’ll be prompted to do this if you take care of your own business name registration).

    Check out insurance brokers to assist with insurance enquiries. I have had experience with both Webber Insurance and Ian Jones Insurance (members on Flying Solo) and found both to be extremely helpful.

    #1150762
    alliedib
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    Hi Jack,

    I would suggest spending some time with an accountant to decide what the best entity structure (Partnership / Company / Trust) is best for you – they may charge you for their time (if you don’t use them to create the entity) but they can explain to you the pros and cons of each in relation to your specific business. It would be money well spent.

    As for insurance, depending on the type of business there are a number of policies that you should consider, including:
    – Fire & Perils – especially if you have Stock or Office Contents
    – Public / Products Liability – covers you for negligent acts associated with your business (including damage caused by products)
    – Professional Indemnity / Errors and Omissions- if you are providing a ‘service’ where there could be a financial loss
    – Cyber Insurance – cover for your website, either against malicious attacks (first party cover) or against breach of customer information (third party cover)
    – Transit – for loss or damage to stock being sent to you / customers
    – Management Liability – cover for the day to day running of your business (including Directors and Officers if you are a Pty Ltd, Employment Practices, Statutory Breaches, Crime)
    – Workers Compensation – for Employees (this can also cover Working Directors if you are a Pty Ltd)

    There are quite a few there and depending on your actual business, some may be more relevant than others. I would speak to an insurance broker who can examine exactly what you are doing and structure cover based on your exact requirements – you will generally find that the premiums are similar to what you would pay if you did it yourself.

    Good luck with it and if you have any further questions feel free to ask.

    Regards,

    Mark

    #1150763
    Noddy
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    Hi, I am not very experienced in running a business just yet but may I suggest that you start a company and not a partnership, it seems to open more doors. I have a partnership and I always seem to hit a brick wall with other companies as they prefer to do their contracts with other companies. this is just my personal experience.

    you will be given some great advise on this forum, just as I have.

    Good luck with your new venture.

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