On 11/05/2010, at 3:30 PM, Andrew Stewart wrote:
+1 for partnerships/sole trader
If you do it yourself the only costs you will incur is registering
with the department of fair trading (NSW), which I think was about
$120 when I did it last year.
Out of interest are there any people on the list with knowledge of
partnerships that got caught out and sued because they were a
partnership and not a company? I have heard a few stories, but for
most of them I am not convinced that being a company rather than a
partnership would have offered any protection. As I understand it,
director's personal funds are still liable even in a registered
company. I am sure there are cases where being a registered company
would help I am just interested to know how common they are.
We were concerned about this at one point (what would happen if we
were sued, not that we were about to be sued) and talked to a lawyer.
They said that in reality you get a lot of warning that you are going
to get sued and that normally leaves a reasonable time to transfer
personal assets to someone else. Again don't take my advice on this
however. See a lawyer.
Cheers,
Andy
--
a...@universalsprout.com
Andrew Stewart
Sydney :: +61(0)416 607 113
London :: +44(0)7900 245 789
www.universalsprout.com :: websites that sprout
On 11 May 2010, at 15:05, Dylan Jay wrote:
On 11/05/2010, at 1:36 PM, Joshua Partogi wrote:
Hi Bart,
Thank you for the explanation and the insights. It is really helpful
to get me started. Yes it will only be me at the time being. Do I
still need to apply for a Pty. Ltd? It the $400 a one time payment?
If it's just you and you aren't likely to get sued then you can
just stay in partnership or whatever the solo equivalent of that
is. We did that for many years. Tax is more complicated with pty
ltd and only pays for itself once you reach 80kish... or at least
thats what our accountant said. Speak to one of those. They are the
ones who know.
Kind regards,
Joshua
On May 11, 1:06 pm, "Bart Jellema" <bart.jell...@tjoos.com> wrote:
I think an ABN will get you started, but if you start with
multiple founders
or need limited liability I'd go for a Pty Ltd. Cost to register
it with
ASIC is about $400 and we didn't use a lawyer when we did it. The
form is
quite simple. Is it just you or do you have co-founders?
-----Original Message-----
From: silicon-beach-australia@googlegroups.com
[mailto:silicon-beach-austra...@googlegroups.com] On Behalf Of
Joshua
Partogi
Sent: Tuesday, 11 May 2010 12:41 PM
To: silicon-beach-australia@googlegroups.com
Subject: [SiliconBeach] Startup friendly business incorporation
Dear all,
What is the procedure to run a startup in Australia? Is only
having an
ABN good enough? And what is the startup friendly incorporation in
Australia? In the US, LLC is considered as an option for startup.
Is
there anything like LLC in Australia?
Thank you very much in advance for your assistance.
Kind regards,
Joshua
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