Are you trying to incorporate your sole proprietorship business? Well, it takes time to do so, not to mention quite a challenge if you don’t know what you are doing. Sole proprietorships are quite different from incorporated businesses; the obvious point is that it is a separate legal entity from you, the owner. It also offers many businesses that you can miss out on being a sole proprietorship, such as risk protection.
That said, if you want to incorporate your sole proprietorship, here’s what you need to do:
1. Know How To Be Compliant
The first thing that you must do when you are thinking of incorporating your sole proprietorship is to make sure that your business is compliant. You need to be compliant with all of the legal requirements, along with all of the social health and safety requirements.
If you are not compliant, it is likely that you can be fined or even risk losing the license you have. If you are still not sure what the requirements are, you can consult a professional legal expert for help.
2. Check Your Name With ASIC’s Search Tool
After making sure that your business is compliant, you need to check your business name in ASIC’s search tool. The name of your business must be unique, or you will have to change it. If you are running a business under a name already in Australia, you can go ahead and change your company’s name.
3. Choose a Registered Office
You can register your business at any address of your own, but it’s more convenient to choose an address of your clients.
You can register your business at any office that is compliant with the requirements of being a registered office. Usually, this means that the address must be an office. It doesn’t require to be a commercial building, but as long as it complies with the laws, you can register your business there.
4. Register Your Company Using The BRS Portal
The final step is to register your business with the Business Registration Service (BRS) portal. This is the portal that you can use to register your business for free.
You have to have the Australian Business Number (ABN) or the Australian Company Number (ACN) before you register your business. You can get it directly from the Australian Securities and Investments Commission (ASIC).
5. Transfer Your Assets And Maintain All Records
Once you have incorporated your business, you need to transfer all of your assets to the business. This will include the assets that you have accumulated (in the form of cash, cash equivalents, and any other non-cash assets). If you have any outstanding debts, you need to transfer them to the business as well.
Once you have done that, you need to maintain all of your records for the future. The records should include both the transaction records that you have recorded and the financial records that you have.
Conclusion
The process to incorporate your sole proprietorship is not a hard one to go through. As long as you are compliant, your business can be incorporated within a few days. However, if you run into any problems, feel free to reach out to legal experts to assist you. They can guide you through the incorporation progress to ensure you do everything right!
GLG Legal is a commercial and property law practice that provides clients with real solutions to meet commercial or property needs. If you are looking for corporate lawyers in Brisbane to help you incorporate your business, work with us today!
