Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
New Business Formation Law in Sydney, Australia involves understanding both state laws of New South Wales and federal regulations to successfully establish a new business. The process includes choosing the appropriate type of business structure, such as a company, partnership, trust or sole trader, registration of the business with Australian Securities and Investments Commission (ASIC), acquiring an Australian Business Number (ABN), Goods and Services Tax (GST) registration, and understanding the regulatory obligations to employees under Australian Fair Work laws. New Business Formation law also includes compliance with zoning laws and business-specific licenses and permits.
Professional legal advice can prevent potential pitfalls that could damage a new business. Legal professionals help in choosing the correct business structure that suits your needs, understand the taxation implications of your chosen structure, draft partnership or shareholder agreements, and ensure the business complies with all regulatory and legal standards. They can also assist with the legal aspects of lease agreements for business premises and handle any legal disputes that may occur in the future. Therefore, having a lawyer guide you through the formation process reduces the risk of errors and legal complications.
New businesses in Sydney are subject to stringent licencing regulations and business operation laws. These specific laws differ based on the industry of the business, its size, and location. Generally, the laws encompass aspects like business name protection, fair trading, consumer rights, building permits, food safety practices if it’s a food-related business, employee rights, safety regulations and tax-related laws. Also, businesses operating online or exporting goods need to adhere to additional specific laws and regulations.
In principle, you can choose any name as long as it's unique and not already taken. The name should not be misleading or offensive and should comply with ASIC standards.
An ABN not only allows you to register your business name and apply for GST but is also mandatory for obtaining certain licenses and permits for your business.
The choice of business structure depends on various factors like intended size of your business, the level of control you want, your business sector, and tax implications.
GST is a tax of 10% on most goods, services and other items sold or consumed in Australia. Businesses are required to register for GST if the annual turnover is expected to be more than $75,000.
Though not required by law, having a lawyer makes the process smoother by ensuring you are compliant with all necessary legal and regulatory requirements, hence minimizing future legal disputes.
For further information on New Business Formation, visit the ASIC website. The New South Wales Government provides resources and advice on their website to help start a business in NSW. The Australian Taxation Office has detailed information relating to business tax and obligations. Fair Work Australia also provides comprehensive guides regarding employment laws.
If you require legal assistance in New Business Formation, start by gathering important information about your prospective business including your business idea, proposed structure, financial projections, and any business-specific regulations you may need to comply with. Next, conduct preliminary research online or consult with government resources. From there, seek advice from a lawyer specialized in business law who can help guide you through the formation process.
