Requirements for registration as a business

Running head: BUSINESS LAW
BUSINESS LAW
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1BUSINESS LAW
Requirements for registration as a business
For the setting up of a business in Australia a person has to register the business. There
are a certain steps for the registration of a business (Hillary, 2017). The first step is to decide the
structure of the business for its mode of operations. The types of business structures are: sole
traders, partnerships, company and trust. The structure of business however can be changed with
the growth of the business. The next step is to apply for the Australian Business Number. An
Australian Business Number is a unique number for allowing the identification of a business to
the government and the other businesses. The third step is finding a suitable business name under
which the business would be operating. Whether the selected name is available or not can be
found in the website of the ‘Australian Securities and Investments Commission’ (ASIC). The
final step in the process is to register the selected business name. The registration process is done
with the ‘Business Registration Service’. Along with the registration for the ABN number and
the name of the business there are various taxes that a business needs to register for. The taxes
the business needs to register for are: goods and services tax (GST), tax file number (TFN) and
pay as you go (PAYG) withholding (Jeston, 2014).
Procedure of businesses to register as a builder
For a business to be working as a builder in Australia it is required for the business to be
registering. For registering as a builder any individual or business needs to get a building
contractor license which also includes a subcontractor license if the business is seen to be
carrying out or organizing building work for others or for selling or letting buildings or lands. To
get approval of a license or a registration a combination of experience, knowledge, skills and