Business Structure Q&A
Does anyone know where to download free sample board resolutions for Australian companies?
1.31K views
Hi Mircea,
The ASIC site ( http://asic.gov.au/for-business/changes-to-your-co... ) is quite user friendly and answers many of the common questions SME's may have.
If you follow the link above you will find easy to understand guidelines for resolutions etc. Dont try to use overly complex language when framing resolutions, plain English is best. Think through what you are resolving and explain it as though speaking with a friend or family member.
I hope this helps, feel free to contact me directly if you need more help,
Cheers,
Neil.
What ownership structure to use for investment property purchase?
If the property is jointly owned in equal proportion by both spouses, the spouse with a higher income (higher personal marginal tax rate) would receive greater tax benefits when claiming a tax...
164 views
The dilemma with the above answer is the issue of negative gearing.
If the purchase is negatively geared then you want the property in the name of the taxpayer with the highest income.
In the utter , if you have paid down the loan this will cause a tax problem.
A unit trust structure may allow you to have your cake now and then have your cake in the future as well because there is a strategy with this structure for overcoming this problem.
Take professional advice!
Do I have to get an ABN and create a name for my small business?
Is it compulsory for a small business to have a company name or can it trade under an ABN? If a business name offers different services it is OK to have one name? Is there a service where people...
3.14K views
While an ABN is not a legal requirement ASIC now will not allow any one to register a business name if the entity does not have an ABN. So in practice yes it is necessary not because it is legally required but because of government policy.
How to find out if someone has a business registered to them?
Company or sole trader? I think I recall seeing somewhere you can search on a persons name, but now I can't find it.
1.81K views
Some private investigators & lawyers can access deeper level non public records for a fee. The public ones are mainly a case of working backwards from the known legal business name, company or entity.
Do I need an ABN for an auction company?
Hi all, I want to start an antiques online auction business, but do I need an ABN for that? Thank you, Ling
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The general rule is you need an ABN number if it is a "Business" if it is a "Hobby" then you may not need an ABN number, but that is a grey area. I got an ABN number when I was 18 to sell on eBay the right way and pay tax. Now a few years later ive moved to a company and pay GST. My advice is if the businesses not a hobby set up and ABN number it just looks more processional when you send invoices to clients ect.
Is it possible to use multiple trading names via same company?
Is it possible to complete EFTPOS and online transactions with multiple names using the same ABN/ACN? Will I need to to setup multiple merchant accounts to get different print outs on customer credit...
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As per the second part of the question, Most of the banks or merchant account provider doesn't allow you use multiple trading name, with single merchant account. So most of the time you have to have multiple merchant account for different trading name to be appear on customer credit card statement.
Do you have any tips to transition from sole trader to company?
I am looking at going from a sole trader to a company. The whole thing hurts my head. I would love to hear any experiences from people who have just done this and how you manage it? (I'm looking for...
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Have you spoken to your accountant?
They will be the first point of call for you to go and see if a company structure is suitable for you.
Also, they may be able to do all the setting up for you if that is what you are finding difficult. They may have contacts with a company formations firm ... expand
You need to determine which structure is better for your having regard to your risk to minimise tax and have asset protection whilst not having to pay for workers compensation or PAYG. The issues need to be listed and considered having regard to the pros and cons for each structure.
