Business Name – A Crucial Aspect of the Legal Formalities of Your Start Up
The number of budding entrepreneurs intending to convert their vision into a commercial success is growing by the day. The small scale business owners are usually teeming with immense ideas, spirit, and confidence. However, more often than not, they fall short regarding having a fair idea about the legal formalities associated with starting a business. Many aspiring entrepreneurs remain perplexed about the groundwork in terms of the existing legal and regulatory framework.
Although company filings can be one of the most tedious and challenging aspect of starting a business, they’re fundamental to the success and security of your business and individual accounts. Apparently, contingent upon your circumstance and sort of business, enlisting a professional business consultant with particular involvement in your industry can keep any legal hassle at bay.
For operating your business in accordance with rules and standards, you ought to gain knowledge about the various laws applicable to your business such as sanctions and registrations, contracts and leases. Your company name is also as important as other legalities involved.
Normally your business name or “trading name” is the one that shows up on any publicising or advertising material and any signage you display with the intent to increase your brand awareness.
You can enroll your business name on the Australian Security and Investments Commission (ASIC) site, which will connect it to your ABN. Before taking the leap, ensure the new name you considered isn’t encroaching on the privileges of an officially existing business. You can play out a free inquiry online to have a look at all the officially registered business names.
While registering a business name is an integral component of your startup, it doesn’t imply that you have absolute ownership of the same. Typically, the only way to gain exclusivity over a specific business name is to list it as a trade mark with IP Australia.