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Thread: what steps do i need to take to get a company started help please

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    Member JC_PHOTOGRAPHY's Avatar
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    what steps do i need to take to get a company started help please

    ok first step is making a company name
    2nd registering an abn
    3rd registering business name
    4thregistering url and buy hosting am i correct with these also do people know costs of all this thanks in advance for any or all the help u can give

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    Member buc2's Avatar
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    Hi Jc,
    Why do you want a company? If you just keep it as a business the costs will be much cheaper and easier to manage. Getting an ABN is easy and can be done in about 10 mins on the net, The same goes for getting a business name. If your business turns over 500k+ then I would go for the company. Good luck.
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    In Training MarkChap's Avatar
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    My first suggestion would be to seek professional advice

    Each business structure, Company, Family Trust, Sole Trader, Partnership etc, all have varied and many advantages and disadvantages with regards to tax etc. Getting the wrong one can be a bigger limit on your business than you realise
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    Member James T's Avatar
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    Don't go for a company unless you really know what you're doing. Well, don't go for any unless you know what you're doing. You need an ACN to go with your ABN if you form a company, along with a big heap of other hassles. Sole trader for the win.

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    Perpetually Bewildered fillum's Avatar
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    You can use a "shelf company" company who do all the company establishment stuff (registration, constitution, share registry, etc, etc). They will also give you 'packs' with all the stuff you need to setup for tax and banking. These days I think they might also handle domain name registration.

    Probably best however to go through an accountant who can advise on the best structure for your needs. From memory it cost around $1K to get a company set up about 10 years ago.


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    Member charton's Avatar
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    Quote Originally Posted by fillum View Post
    You can use a "shelf company" company who do all the company establishment stuff (registration, constitution, share registry, etc, etc). They will also give you 'packs' with all the stuff you need to setup for tax and banking. These days I think they might also handle domain name registration.

    Probably best however to go through an accountant who can advise on the best structure for your needs. From memory it cost around $1K to get a company set up about 10 years ago.


    Cheers.
    Have heard shelf company can be risky if the previous name has a bad rep. Dad did a simialiar thing so just be careful.
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    DEFINITELY seek advice from your accountant in the first instance. If you don't have one, then now's a good time to get one.

    Step 1 would be the gaining an understanding of the difference between a company and a sole proprietorship (i.e. business). Your thread title asks about setting up a company, but your proposed steps relate to setting up a business.

    Mark nails it precisely in his warnings too.

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    (For general knowledge and not meaning to give specific advice to the OP as to the relative merits of setting up a company)

    Incidentally the concept of a shelf company has changed somewhat. In the past (i.e. pre-internet) an accountant or a solicitor would take the long and laborious steps of setting up a company, including structure constitution etc, get all the doucments drafted, printed, stamped and sent out to them and simply have it sitting quite literally on their shelf. Client then walks in and wants to set up a company, and the accountant / solicitor would take the relatively simple step of changing ownership and name of the company to suit. The original name would either be a number or some generic name like "Red House Investments No. 43". the solicitor / accountant would have paid all the fees, added a charge for their time, and you would usually fork out about $1,000 to $1,200 for the finished package.

    Nowadays you can start from scratch and do it online in about an hour (from memory - it's been a couple of years since the last time I did it). You print out all the PDFs etc and Bob's your aunty's live in lover - company is formed in whatever name you want (assuming it's not taken). So the concept of a "shelf company" doesn't really exist any more because there is simply no need for them in the light of the technological advances.

    You can (and possibly should) still have a lawyer / accountant do the setting up, but actual registration costs are around $500.

    More info here: www.asic.gov.au
    Last edited by maccaroneski; 23-02-2010 at 11:29am.

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    Also check out the ATO website as they have a fair bit of information on the different types of businesses and what the requirements and costs to you are.

    http://ato.gov.au/businesses/
    Cheryl B.

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    Your relevant state government office will have a great deal of help available.
    For Qld this is the link:
    http://www.fairtrading.qld.gov.au/
    NSW:
    www.fairtrading.nsw.gov.au/

    Check Google with fair trading. These departments will have plenty of information and guidance to help you start in business.
    William

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    In my experience, people who are starting out as a photographer are best working initially as a sole trader.
    register a business name, get an abn, then insurance, website etc. relatively simple.
    You only need to become a company once your income gets to a certain point, my accountant said about 70k after tax.
    Hire an accountant to do your bas and income tax, someone who understands the industry, ask peers, even email a bunch of photographers to get an idea. (Hey start a thread here! Ill read it) The accountant should also be able to give you a bit of advice on various business advice requirements.
    Also in NSW Dept fair trading has set up small business centres around the place, check them out there is some good free advice to be found there.

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    JC, if you don't know what you're doing in this area, don't do it. Do as Mark suggests, get qualified advice.
    Primarily the different entities, sole trader, partnership etc., the individual/s retain legal responsibility and if anything untoward happens (you go broke) the individual gets sued. All assets are at risk.
    With a proprietary company a separate legal entity is established and the risk of losing your assets is lessened (but not completely gone - directors guarantees come to mind).
    In broad terms unless you are making a profit a proprietary company has little value. Also a turnover benchmark of around $50k is often used before considering change. This figure is usually related to hobby income and is less costly tax wise. With a proprietary company you also have additional annual fees and a reporting requirement.
    See a qualified person and save heaps of grief and money. BTW: ASIC is the controlling body for proprietary companies and above.
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    are you a sole trader ?
    Darren
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    Quote Originally Posted by kiwi View Post
    are you a sole trader ?
    Unless he has already established a company (which I doubt in light of the question), then he is a sole trader, or if someone else has a financial stake in the business, then in a partnership irrespective of whether there are any employees etc.

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    Don't forget you can earn up to $50k or thereabouts (hobby income) without becoming a business at all. Just declare your earnings along with your normal wages. The idea of registering as a business/company is to protect all involved.

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    It's all about the Light!
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    Ignoring the Company/Partnership/Sole Trader for a now...

    Why do you want a company?
    IF its for a photographic business then you really need:
    a) A good relevant portfolio
    b) A REALLY good business plan (that someone has worked over for you e.g. a qualified accountant)
    c) A REALLY REALLY solid marking/sales plan !!
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    Yep! Plus technical and business skills and ultimately customers.

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    can you register a business name for a name other then your own to watermark your images with?
    so when ppl ahem borrow them for faceborg etc at least if you posted your images to a flickr/photobucket account, and dont prefer your own name on them can that be done?
    odd question yes which sorta I think is inline with this topic?

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    Quote Originally Posted by Gremlin View Post
    can you register a business name for a name other then your own to watermark your images with?
    so when ppl ahem borrow them for faceborg etc at least if you posted your images to a flickr/photobucket account, and dont prefer your own name on them can that be done?
    odd question yes which sorta I think is inline with this topic?
    Sure, that would serve as identification but wouldn't stop the theft of your photos. It would be less costly to place some kind of identification mark (unregistered) on the photos, say your initials. In the end, company/business name or not, you still have to prove ownership and that means revealing your name. Just because a photo has a name on it (unless trademarked) you still have to prove it's yours. A very costly business.

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    Administrator ricktas's Avatar
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    Quote Originally Posted by Gremlin View Post
    can you register a business name for a name other then your own to watermark your images with?
    so when ppl ahem borrow them for faceborg etc at least if you posted your images to a flickr/photobucket account, and dont prefer your own name on them can that be done?
    odd question yes which sorta I think is inline with this topic?
    a watermark doesn't really serve a legal purpose. You own copyright over your photos when you press the shutter (unless otherwise contracted away). A watermark is used as a protective mechanism, but in Court serves no purpose. A Court would seek the original file and EXIF data to determine ownership. Anyone could add a watermark saying anything to a photo at any time.
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