4.1 - Establishing a Business

Question 1

Legal Requirements

Answer 1

This means in establishing a business, you need to make sure that you meet the laws or you may be fined. Laws can be produced through the three levels of government which are federal, state, and local governments.

Question 2

Business Name Registration

Answer 2

If a business owner wants to use a different name for their business than their actual legal name, they need to make sure that it is registered.
To register a business name, the business needs to have an Australian Business Number which is used by the ATO for GST.
If you choose a company ownership structure, you will be required to lodge specific documents including financial ones with the ASIC.
(Australian Securities Investment Commision)