Is your Business Name registered?
As most business owners are aware, it is common practice to trade under a ‘trading name’. Not to be confused with a legal name, a trading name relates to your business trading activities. This name can be anything (within reason) and commonly reflects the services or products which your business provides. However, some business owners may be unaware of their obligation to register their business name and the consequences of not doing so (carrying on business under a name not registered can mean a penalty of 30 penalty units which equates to $6,300 currently).
In May 2012, ASIC took control of the registration of business names, incorporating the previous State registers. Having a national register (maintained by ASIC) makes searching for business name availability much easier (and a lot of administrative sense)!
When starting a new business, a name is a very important feature. It typically tells the public who you are and what you do, helping to attract business. If left unregistered, you risk losing out on your desired business name to someone else, as well as committing an offence under the Business Names Registration Act, which can lead to hefty monetary penalties. Registration is a fairly low cost (amidst all the other costs of setting up and running a business).
More information on business name registration can be found at the link below:
As most business owners are aware, it is common practice to trade under a ‘trading name’. Not to be confused with a legal name, a trading name relates to your business trading activities. This name can be anything (within reason) and commonly reflects the services or products which your business provides. However, some business owners may be unaware of their obligation to register their business name and the consequences of not doing so (carrying on business under a name not registered can mean a penalty of 30 penalty units which equates to $6,300 currently).
In May 2012, ASIC took control of the registration of business names, incorporating the previous State registers. Having a national register (maintained by ASIC) makes searching for business name availability much easier (and a lot of administrative sense)!
When starting a new business, a name is a very important feature. It typically tells the public who you are and what you do, helping to attract business. If left unregistered, you risk losing out on your desired business name to someone else, as well as committing an offence under the Business Names Registration Act, which can lead to hefty monetary penalties. Registration is a fairly low cost (amidst all the other costs of setting up and running a business).
More information on business name registration can be found at the link below:
https://asic.gov.au/for-business/registering-a-business-name/
Some questions you may be asking yourself:
Do I need to register my Legal Name as a trading name?
No, if trading under your legal name, there is no need for that name to be registered.
Some questions you may be asking yourself:
Do I need to register my Legal Name as a trading name?
No, if trading under your legal name, there is no need for that name to be registered.
Does registering my business name
give me exclusive rights to that name?
No, if you want exclusive rights to that name, it is best to register a Trade Mark.
Can I have more than one business name registered to my ABN?
Yes, you can have multiple business names registered to one ABN.
Can I alter the business name after it is registered?
No, unfortunately once a name is registered it cannot be altered. To get the name which you are seeking, you must apply for a new business name.
What are the costs of registering a business name?
The cost of registering a business name depends on the timeframe you register for. Currently, a 1-year registration costs $36.00 and a 3-year registration costs $84.00.
Where can I find out about the availability of a business name?
You can find out if a name is registered by searching here:
https://asic.gov.au/for-business/registering-a-business-name/before-you-register-a-business-name/business-name-availability/
It is recommended you also search to see if there is a registered Trade Mark for your desired business name (to avoid infringing a registered Trade Mark). You can search for Trade Marks at IP Australia: https://www.ipaustralia.gov.au/
While you're in search mode, it's also a good idea to see if the web domain name is also available!
No, if you want exclusive rights to that name, it is best to register a Trade Mark.
Can I have more than one business name registered to my ABN?
Yes, you can have multiple business names registered to one ABN.
Can I alter the business name after it is registered?
No, unfortunately once a name is registered it cannot be altered. To get the name which you are seeking, you must apply for a new business name.
What are the costs of registering a business name?
The cost of registering a business name depends on the timeframe you register for. Currently, a 1-year registration costs $36.00 and a 3-year registration costs $84.00.
Where can I find out about the availability of a business name?
You can find out if a name is registered by searching here:
https://asic.gov.au/for-business/registering-a-business-name/before-you-register-a-business-name/business-name-availability/
It is recommended you also search to see if there is a registered Trade Mark for your desired business name (to avoid infringing a registered Trade Mark). You can search for Trade Marks at IP Australia: https://www.ipaustralia.gov.au/
While you're in search mode, it's also a good idea to see if the web domain name is also available!
Special
thanks to Myles Heath (law student) for his assistance with this article!
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