Business formation

A media release from the Australian Bureau of Statistics on 2nd March 2015 highlighted the significant number of new businesses that fail. This release shows that of the 294,210 new business entries during the 2010-11 financial year, only 50 per cent were still operating three years later in June 2014.

Further studies have revealed the number one reason a business fails is “incompetence”. More specifically, incompetence due to lack of planning, no experience in record keeping, non-payment of tax and no knowledge of financing.

Griffin & Associates provides new businesses with the information and knowledge required to increase the likelihood of financial success. We understand that new businesses are inundated with a range of information that can often appear complex and confusing. We aim to simplify this information so the new business owner is aware of any legal requirements, makes key informed decisions prior to start-up and spends more time developing their own success strategy.

The following outlines some of the services our office provides to guide new businesses through a 3 step start-up process.

Step 1 – Business structure

One of the most important decisions when commencing business is determining the best legal structure that will apply to your specific situation. Your accountant and solicitor play an important role in advising on the preferred structure. This professional advice helps to understand the advantages and disadvantages that apply to each type of structure.

Griffin & Associates provides you with the necessary information in choosing which of the following four structures is best suited to your specific circumstances:

Sole trader
Partnership
Trust
Company

Please also click here for more information on each of the above structures, including the advantage and disadvantages of each.

Step 2 – Business registrations

It is important that all registrations be completed prior to the business trading. Griffin & Associates can assist with the following registrations:

Registrations with the Australian Taxation Office for:
- ABN
- GST
- Tax File Number
- PAYG Withholding
Company incorporation (ASIC)
Business name registration (ASIC)
Payroll tax registration (OSR)

Step 3 – Other administrative matters

Once the structure is chosen and the necessary registrations completed, the business can then proceed with completing all other necessary administrative requirements.

The following is some further advice we provide to assist during the start-up process: