A business name is simply a name or title under which a person or entity conducts a business. In Australia, unless you fall within an exemption, you must register your business name.
On 28 May 2012, this register became a national register of business names. The purpose of the register is to provide a way to identify the entity that is carrying on business under a business name.
Generally, you will need to register a business name with the ASIC if you carry on a business or trade within Australia and you are not trading under your own name.
The law does not allow any changes from the business holder’s name if you wish to rely on the above exemptions. For example, if your name is John Smith, and the name of your business is ‘John Smith & Co’, you will need to register the business name ‘John Smith & Co’.
While registering a business name with ASIC is an important part of setting up and running your business, it does not provide exclusive ownership of your business name.
Instead, registering a business name is a legal obligation if you plan to carry on business or trade in Australia using a name other than your own. Through business name registration – and the Business Names Register – consumers are provided with a greater degree of transparency, and the ability to easily see who owns a business name.
It’s important to remember that registering a business name doesn’t mean you own it, or that you are preventing other people from being able to register and use similar names. Generally, the only way to gain exclusivity over a particular business name is to register it as a trade mark with IP Australia.
If you are concerned that your business name is not registered with ASIC please contact Helen Bunford of our office on 9387 5637 who will be able to assist you with this process. Please note that we are also able to assist in registering a domain name for you if you require this service.
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Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
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They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
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Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.