Starting a business – basic things to consider

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					?There are many things to think of when looking to start a business. From choosing a
business structure and legal issues to tax obligations and financial management, there
is a vast range of things to consider so as to ensure the smooth running of your
business. Below are a few key areas that should not be forgotten when establishing a
business.

Business Names, Structures and Registration
Before starting a business you should consider how you would like to structure your
business to suit not only the type of business but your personal situation.

Functioning as a Sole Trader is the simplest and most inexpensive form of business
structure to set up. Although, it is important to note that you will still be personally
responsible for any actions of the business and personally liable for all business debts.
You should seek professional advice to understand your options and what is the best
structure for your business and your situation.

One of the most important things that you will do is to name your business, and it is
crucial to remember to chose a name that is fitting to your business offering. You
should ensure that your business name is registered with the department of fair trading
in your state and be aware that in some cases this process should also include
registering a trade mark, which is a separate action.

Generally speaking, most businesses will require some type of business license in
order to trade, therefore it is essential that before you start operating you research and
obtain the relevant license/s that are required.

Taxation Obligations
Perhaps one of the most over-whelming aspects for new business owners is the vast
array of tax obligations and requirements that need to be adhered to. From Federal
Taxes such as Goods and Services Tax (GST), Income Tax and Capital Gains Tax
(CGT) to State Taxes such as Payroll Tax and Transfer Duty it is important to
understand the obligations of your business so as to avoid any penalties. Taxation
obligations do not just refer to payment of taxes either, it also concerns the processes
that your business has in place for the recording and tracking of financial information.

Legal Issues
Sound legal advice is also key to setting up and maintaining a successful business.
Gaining legal advice can help you to make informed decisions in relation to forming
business relationships and dispute resolution, employment issues and solutions,
insurance, intellectual property protection and occupational health and safety.

Financial Management
In starting a business one key issue that many people struggle with is building up the
finance. There are two ways to do this: either borrow the funds (debt equity) or use
any funds that you have available to you (owner's equity). In choosing between the
two it is important to consider things such as interest rates, fees etc.

Systems for the management of your cashflow don't have to be too in depth, however
even the most simple of systems are integral in making sure that you can keep track of
where your cash comes from and is spent.

The team of accountants, lawyersand business advisors at The Quinn Group can assist
you with a wide range of services required to establish and maintain a business. For
individually tailored information and advice for your new or existing business
situation contact us on 1300 QUINNS or click here to submit an online enquiry.

The Quinn Group is an integrated, accounting, legal, and financial planning practice
offering expert advice to help you achieve your business and personal goals. With
more than 15 years' professional experience, we are committed to building
long-lasting relationships with our clients by providing superior service in a timely
and cost-effective manner. For more free advice please visit Lawyers.

				
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