Embarking on a successful partnership journey requires careful planning and a clear roadmap. If you’re eager to learn how to start your partnership (or your own business) on the right foot, you’ve come to the right place. In this FAQ guide, we’ll walk you through the six essential steps to kickstart your partnership and ensure it thrives. The steps are few but do not underestimate the time it will take to do them properly.
1. Decide: What business structure?
Decide, with your partners, will you enter as individuals or through a company or through a trust structure? For further advice seek legal advice from Bennett Carroll Solicitors.
2. Decide: Do you want a partnership agreement?
A partnership agreement is a contract among the partners – it outlines the partners’ duties and responsibilities. It covers how to make decisions and how to resolve disputes. A partnership agreement must be signed by each partner. Because this is a legally binding document, the partners must seek legal advice.
3. Register your partnership.
You need to register your business name. Do you have an ABN? ASIC has a complete guide that shows how to register your business if it’s a partnership.
4. Register for tax.
Different taxes apply to different business types. Read the tax information page.
5. Set up your financials – ie decide on an accounting structure, open bank account/s.
Seek advice from a qualified financial adviser. A qualified adviser must have approved qualifications; they must have an Australian Financial Services licence and should be on the Financial Advisers Register.
6. Apply for relevant licences and/or permits.
Depending upon your business you may required a licence or a permit.
While these FAQs provide a solid foundation for starting your partnership journey, remember that each business venture is unique, and legal expertise can be invaluable. Don’t hesitate to contact our expert lawyers today.