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5 steps to starting a new business

Setting up a new business involves a number of important steps.

Setting up a business is an exciting time for entrepreneurs, but there are a number of steps individuals must complete before opening their doors to trade.

The best way for potential business owners to ensure they are thoroughly prepared from a legal perspective is to contact commercial lawyers in Queensland. In the meantime, here are five steps the state government recommends undertaking to get up and running.

1. Secure licences and registrations

New businesses will often need specific licences or registrations, including health and safety credentials or environmental permits. The specific documentation required is based on various factors, including industry, number of employees, business structure and location, among others.

2. Register a business name

The process for registering a name differs depending on the organisation's business structure. However, all businesses – including companies, partnerships, sole traders and trusts – must register with the Australian Securities and Investments Commission.

3. Tax registration

The Australian Taxation Office is usually the next stop, which is where owners must register their business for tax purposes. Again, the type of business and number of employees will have an impact on tax obligations. However, Goods and Services Tax and Fringe Benefits Tax are two of the most common charges.

4. Register a trade mark

Trade marks ensure a business's goods and services are easily identifiable. Words, phrases, logos, letters, sounds and a range of other distinguishing attributes can become trade marks. A registered brand has more legal protection should anyone infringe on their trade mark.

5. Domain name registration

Most modern businesses need a website, which means they must register a unique domain name. There are various domain name types – including .com.au, .net.au and .org.au – some of which have specific requirements.

If you would like to know more about setting up a business in Queensland, please get in touch with expert commercial lawyers to discuss your needs.