By Renee Ballinger
Starting a new business venture is exciting and there are many key decisions that need to be made before you begin operating – the products and services being offered to your customers, the legal structure of the business, insurances, and accounting systems.
Preparing a business plan and conducting your own research is advisable, especially given that there is no shortage of information and resources available online, however obtaining professional advice from a trusted adviser is recommended to ensure you cover your bases and understand the importance of getting some of these key decisions right from the beginning. Professional advice from a business adviser that has qualifications in business and finance, along with experience working with new and established businesses will assist you to minimise legal and financial risks.
We have unfortunately seen situations where new business owners have registered a company and selected the wrong company name, established the company without having the required paperwork in place, or not properly considered the structure options available and ended up with a structure that is not right for their circumstances. Each of these oversights can be costly mistakes to correct – where obtaining advice and assistance early on could have avoided these issues.
While ASIC make it possible for a business owner to register a company online, ensuring that the officeholders (director and secretary), share structure and shareholders are the best choice for your circumstances is not as simple. A qualified adviser should be able to provide information and advice on the type of structure that best suits your current needs, while also considering the future for you and your business, as changing ownership or structure can sometimes be challenging once the business is up and running.
As a director of a company, the rules and regulations are important to understand, especially relating to the personal liability involved. Before taking on this role you should also be aware it is the responsibility of the director to ensure that a company is operating within the rules set out in the company constitution and all legal paperwork is in place.
A good business adviser will assist you to understand these initial business decisions and ensure your structure best suits your circumstances, help plan for the future of your business and guide you towards achieving your goals.
For assistance or advice from one of our senior business advisers, please contact the team at UHY Haines Norton CQ on 07 4972 1300 or info@uhyhncq.com.au.to arrange a no-obligation initial consultation.