Now I know this probably isn’t the best place to be asking this, but I feel there are alot of people here who could possibly help.
I was wondering if anyone has any good resources or advice on starting a company? Now I’m not planning on using this company for property (which is why this isn’t completely relevant).
Any basic information would be appreciated, such as costs, benefits, drawbacks etc…
I’m a personal trainer and essentially work for myself. I would also like to start my own business in the future.
What exactly can a company do for me?Thanks alot.
While I would suggest speaking with an accountant/planner etc, I actually did all my stuff off the internet. Complete from start up to through to registration etc. They just sent a folder with all done etc.
Unfortunately, I have lost the bookmark and have no idea of who I used (all my folders etc are with acct). Its just a company that specialises in doing this and is much cheaper than going through your lawyer or acct to do exactly the same as most of them use this company’s services.
Just keep on Googling and you will find it.
BrianThanks mate.
I was just searching around then.
I found a few sites online where you can register. One was through the westpac site, the other was the ASIC site.
I’m not really ready to register a company just yet. I’m just trying to find out why I would register one, and what it could do for me.Thank again.!
I have done it thru these guys:
http://www.registeracompany.com.au/They charge ~$150 for the service. It takes 10-20 minutes [smiling]
Regards,
Miller
Where there is a will, there is a way.
Australian Money Forum
http://www.moneyforum.com.auHi,
My brother used a company called Business Sight, they specialise in setting up tradesmen who operate as sole traders or small businesses and turning them into businesses. Their hook is “Be as good in business as you are at your trade”.
I’m not sure whether you’re a trady or not, but I know that these guys have worked in other areas and with other businesses, here is one of the guys details:
Miles Primrose
[email protected]
Mobile: 0418 3333 80
Office: 03 9817 6565If you could tell him I sent you if you decide to give him a call.
Cheers
Dave Robb.
Have a look at http://www.lawcentral.com.au
You can form a company there for $99. (ASIC also charge a fee of $400). There are lots of tips and bits of information on that site.
Company Law and taxation is complex. Lots of stuff to learn and consider – eg heavy responsibilities of directors, rules on insolvent trading etc. You can get into big trouble if you don’t know what you are doing, especially if other people are involved.
The greatest thing about companies is the limited liability factor. Vicarious liability means if you are acting for the company and do someone wrong, the company is liable (usually). Also the companies debts are separate from your own – unless you give personal guarantees.
Generally there are more expenses you could claim, or the company could claim, then if you were doing something on your own.
The ATO is aware of people reducing their incomes by using a company so they now have strict rules called the alienation of personal services income. This can mean that even if you are using a company, the ATO can deem the income to be your own, not the company’s, unless certain rules are met.
Terryw
Discover Home Loans
[email protected]
Send an email to get my newsletter.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Try http://www.becnvic.com Business Enterprise Centre. I used them in Perth and did a course through them which was helpful. Also saw an accountant for free. I’ve even borrowed their books from libraries which has heaps of useful information. Linda
A company may be the ideal structure for you but as Terry stated there are many specific laws & tax laws relating to companies that you should be aware of. You may save a few hundred dollars by setting up the company yourself but how do you know what you are doing is right, what do you do when issues crop up, do you have someone to guide you throught the practicalities of running a company. I think the advice from an accountant who has some idea of your business would be money well spent and it’s tax deductible. It shouldn’t cost you much more than $1000 to get an accountant to setup a company for you.
A company can give you access to more deductions than a sole trader/partnership, but on the flip side you have to be careful about how you use the company money for any personal use. Also limited liability is the main legal advantage of the company. If you would like some personal advice then shoot me an email. MOre than happy to help out.
ross
You must be logged in to reply to this topic. If you don't have an account, you can register here.
