If you’re looking to start a consulting business, chances are you’re already a problem solver! But even problem solvers can be caught out by the legal requirements of starting a business.
If you’re also wondering what other types of businesses you could start, you can also check out our comprehensive list of business ideas.
1. Register your business name and trademark
A unique business name gives you a competitive edge. Once you check if a business name is available, you should register it with ASIC. For further protection, you could even trademark the name; a registered trademark means a protected business name. It is always advisable to talk to a trademark lawyer to determine the best option.
2. Choose the Right Business Structure
Deciding on your business structure is an important decision and one that will affect the future operation of your business, including liability and tax consequences. It’s important then that you consider the different options and make a decision based on the specific needs of your business. Consider the advantages and disadvantages of being:
It is always recommended to get in touch with a startup lawyer from LawPath for more information on choosing the best structure for your business
Need specialised advice regarding your company?
Contact a Lawpath consultant on 1800 529 728 to learn more about company registration, customising legal documents, obtaining a fixed-fee quote from our network of 600+ expert lawyers or to get answers to your legal questions.
3. Apply for an ABN
No matter which business structure you choose, you must register for an Australian Business Number (ABN). The advantages of registering include:
- The ability to register for GST if you expect turnover of over $75 000 per annum;
- Eligibility to register for a .com.au domain name; and
- The ability to register a business name with the Australian Securities & Investments Commission (ASIC).
LawPath provides an easy-to-use ABN Registration. If you are looking to expand your business, and have greater legal protection consider registering your company using our guide to ACN Registration.
Start your ABN application in minutes!
Need an Australian Business Number to start a casual job? We've got you covered.
4. Insurance
Professional indemnity insurance is important for any business providing advice or services to third parties. It is designed to protect small businesses and covers legal claims that customers or other third parties may make, such as negligence or breach of duty. Defending yourself in court is a costly process, so covering your legal bases is an important part of starting your business.
Next Steps
Starting a business can be exciting and very rewarding. However, being your own boss can be overwhelming. Not only are you required to provide excellent service to customers but also to carry out business administration tasks like generating invoices and submitting tax reports. A big benefit is that you don’t have to face this struggle alone. You can always contact one of our startup lawyers or business lawyers specialised in this specific area.
Get your business started on the right path. Contact a LawPath consultant on 1800 529 728 to learn more about what you need to start-up your business, obtain a fixed-fee quote from our network of 700+ expert lawyers and have your legal questions answered.
