Thinking of starting your own business? You’ll need to look at the different business structure types and work out which one best suits your needs.
Understand the difference between a business or a hobby. Deciding if you are a business or hobby can affect your taxation, licensing and insurance requirements so it's important to get it right.
Where to go to cancel each of your tax registrations when ending or selling your business.
There are a number of structures that you can choose from when starting or expanding your business.
If your business name is no longer required when selling, closing or changing your business, you'll need to tell the Australian Securities and Investments Commission (ASIC).
Your business will inevitably change and grow over time as you respond to different market opportunities, economic factors and personal issues.
The decision to close a business is usually due to one of two reasons, you no longer want to run the business and have no one to pass it onto or the business is not making enough money to keep going. Whatever your reasons, closing your business can take time, depending on its size and complexity.
If you've got an entrepreneurial spirit, but you're a little younger than the typical age of a business owner, don't worry - you can still start a business as a minor with some proper planning and information!
If you plan to buy an existing business, carefully analyse both the advantages and disadvantages, including the history, which is likely to impact the future of the business.
Assessing yourself and your business idea is essential before starting a business. It can help you prepare for any hurdles and help you overcome them.