How much does it cost to setup a company name?

Discussion in 'Accounting & Tax' started by Zak, 13th Jan, 2016.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    A company has directors and shareholders. There may be advice on who should be director, and advice on who should be shareholder - personal, joint, trustee etc. There could even be different classes of shares. What happens on the death of a sole director sole shareholder of the company etc. Rules of the company constitution maybe need to be considered, need for a shareholders agreement etc.
     
    Terry_w, 13th Jan, 2016
    #21
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    A company isn't a name. Its like a person. You are confusing a legal name with a trading name. The company will have a legal name : FBT Pty Ltd and can use that to trade IF it is not a breach of trademark etc. A legal name doesn't automatically mean you are allowed to trade using it !!! Example - You can register name Coca Cola Penrith Pty Ltd but you cannot use use it without problems. A well known owner will take action. Also you cant pass-off. ie imitate another entity / person. ie Cola Coca Bottling Pty Ltd. Using the words Coca Cola in any unique name would pose a likely concern. And expensive. CC would use expensive lawyers !!

    A business name is also available from ASIC and is like a subscription . FBT Pty Ltd may buy that name pay a fee as owner and may use that if its available. So FBT Pty Ltd could trade as Penrith Mattresses. Or it could have more than one trading name eg Mattress World (a ebay seller). All the activities would be company income etc. I have seen people stuff this up and register a business name with the wrong owner eg your own name !!!

    Then there are trademarks etc. IP Australia has a great website. So lets say I own a trademark for the name Penrith Mattresses and it covers bedding etc then I could take action against FBT Pty Ltd and you as a Director for breach of trademark. Civil damages ?? A trademark can be words, an image, design etc. (Coca Cola, the bottle, ribbon design, colours etc). Trademarks are also affected by International law.

    Generally accountants fees for setting up a company etc vary depending what you need. Tax registration, business name, website ?, advice ?
     
    Paul@PAS, 13th Jan, 2016
    #22
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