The following business structures can be chosen from:

Sole trader:

an individual operating as the sole person legally responsible for all aspects of the business. Like other structures, as a sole trader you can employ people to help you run your business. More information on Sole Trader can be found on the Australian government’s Department of Industry, Innovation and Science website

Company:

a legal entity separate from its shareholders. Details on the differences between a company and a sole trader structure with respect to tax, liability and the legal obligations when employing people can be found on the Australian Securities and Investments Commission (ASIC) website. Companies can also be registered as Special Purpose Companies, which includes not for profit companies. Find more information on Special Purpose Companies on the ASIC website.

Partnership:

an association of people or entities running a business together but not as a company. More information on partnerships can be found on the [Australian government’s Department of Industry, Innovation and Science website] (https://www.business.gov.au/Info/Plan-and-Start/Start-your-business/Business-structure/Business-structures-and-types/Partnership)

Trust:

an entity that holds property or income for the benefit of others. More information on Trusts can be found on the Australian government’s Department of Industry, Innovation and Science website

[The Help Me Decide Too]l (https://register.business.gov.au/helpmedecide/helpmedecide) is provided by the Australian government’s Department of Industry, Innovation and Science to help new business starters pick a business structure.

Information on different business types such as home-based business and online business can be found on the [Australian government’s Department of Industry, Innovation and Science website] (https://www.business.gov.au/Info/Plan-and-Start/Start-your-business/Business-types-and-industries)

A company must be registered with ASIC. This can be done by contacting a private service provider, or by lodging a paper form directly with ASIC.

There are a number of private service providers (PSPs) that use software that has direct access to ASIC’s systems. These PSPs can manage your company application for a fee. ASIC doesn’t endorse any particular PSP.

You can register your company directly with ASIC by completing the Form 201 – Application for registration as an Australian company and mailing it to: Australian Securities and Investments Commission PO Box 4000 Gippsland Mail Centre VIC 3841

You must complete all information on the form and sign it. Include the fee (use a cheque or money order) when posting your application.

Once the application is processed, ASIC will:

1. give the company an ACN (Australian Company Number). More information on the ACN can be found on the ASIC website
2. register the company
3. send you a certificate of registration
4. Give you a corporate key

A checklist for registering a company is provided by ASIC

A not for profit company is registered in the same way. However, in Australia, not for profit entities can be registered as a company, incorporated association, or as an Australian registered body. More details about these structures can be found on the ASIC website.

Sources:

• Australian Securities and Investment Commission (ASIC)
• Australian government’s Department of Industry, Innovation and Science website