Home – New Forums New here? Share your story New to forum-Need Accounting Advice

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  • #995287
    Shirt75
    Member
    • Total posts: 4
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    Hi there,

    New to the forum and have joined as I have read some very good and helpful advice.

    I am looking at starting my own natural hair care products specifically for different types of curly/coily/ kinky as I am one and am very passionate about use of natural product. Will be seeking advice and support and will do the same for others..

    Have a question. My husband and I already have a Ltd company which we stopped using recently but I want to have the new business trading under the Ltd company. Question is can I use the money already in the company to start up this new one as it’s all falling under the same ABN etc??. Would save me from having to get a loan. Meeting with accountant soon but wanted to have some info before hand.

    Thank you all

    #1200967
    Paul – FS Concierge
    Keymaster
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    Hi And Welcome to the Forums Shirt75. It is great to have you!

    Hopefully some helpful members will be along soon with some on-point advice.

    Cheers

    #1200968
    Easysmb
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    • Total posts: 84
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    Hi There
    It is fine for business change directions to do a different business under the same legal entity. You can just register new business name under the company to be relevant to your new business. And also if your product is retail focused, please also register trademark if necessary.
    For new business under same company, please be aware of the limitation of applying loss carried forward from different business activities.

    Good luck for your new business.

    #1200969
    Shirt75
    Member
    • Total posts: 4
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    Paul – FS Concierge, post: 238174, member: 78928 wrote:
    Hi And Welcome to the Forums Shirt75. It is great to have you!

    Hopefully some helpful members will be along soon with some on-point advice.

    Cheers
    Thank you Paul

    #1200970
    Shirt75
    Member
    • Total posts: 4
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    Easysmb, post: 238222, member: 80732 wrote:
    Hi There
    It is fine for business change directions to do a different business under the same legal entity. You can just register new business name under the company to be relevant to your new business. And also if your product is retail focused, please also register trademark if necessary.
    For new business under same company, please be aware of the limitation of applying loss carried forward from different business activities.

    Good luck for your new business.

    #1200972
    Shirt75
    Member
    • Total posts: 4
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    Shirt75, post: 238224, member: 84781 wrote:
    New Member
    Great info, will keep it in mind about the limitations of applying losses.

    Thank you

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