Business Setup, Structure and Compliance

Setting up a business for the first time

When you first start in business, it’s important to consider different structures and work out what is best for you and your needs.

• Is your priority to minimise tax? Or to protect assets?
• If you have business partners, are you structured so that you can separate easily if necessary?
• What are the advantages of a trust?
• What about structures to protect your IP?

The common entities are

• sole traders
• companies
• partnerships
• trusts

Each have their own advantages and disadvantages. You can also have a company structure with more than one entity. At ATX Accounting, we know the questions to ask so we can give you clear advice, right for your specific situation.

Once you’ve decided on a structure, the actual work of setting up the business begins. This can include

• registering with ASIC
• registering a business name
• getting an ABN
• registering for relevant taxes, both federal and state
• ensuring you have the correct legal documentation

At ATX Accounting and Taxation, we take care of all this paperwork for you. We charge you one simple fee, which includes all registration fees, so you won’t get any extra bills. All you have to do is to open a business bank account, then you’re ready to go!

When everything’s set up, we give you a folder with all the documentation so that you have complete control. You get not only the certificate of incorporation, but the register of directors, shareholdings, minutes of founding directors’ meeting and everything else related to your new business.

With our support, you are free to focus on getting your first customers and delivering exceptional service which helps you grow.

Handling changes in the business

Your business may grow, or you may want to exit the business. It’s possible to change your structure when needs change.

Record-keeping and ASIC Compliance

ASIC – the Australian Securities and Investment Commission – keeps records on all businesses in Australia. It’s your responsibility to make sure those records are accurate and complete.

That includes things such as:

• change of directors
• change of office holders
• change of ownership or shareholding
• annual statements
• minutes of directors’ meetings

We can manage all of this company secretarial work on your behalf, so you will always be compliant with ASIC requirements. Once again, the aim is to keep your time free from admin tasks so that you can work on the business itself.

Extremely professional, supportive and responsible. Mohammad is very knowledgeable and the best accountant

AM

Whether you’re just starting out or you have an established business, we can save you time and headaches while still ensuring you have the best structure for you and are fully compliant with ASIC requirements.