Corporate affairs services Melbourne

CARING FOR CORPORATE AFFAIRS

Micro-businesses and start-ups

Many businesses start out as a sole trader or partnership. Formalities may begin with the registration of a business name (RBN) and an application for an Australian business number (ABN). Perhaps there is a partnership agreement. Maybe a trademark would be appropriate. Before the business starts, or as the business starts to gain traction and grow, it’s best to seek advice on how the business should be structured.

Billings and Ellis can help small business owners to get on the right track with corporate affairs, understand the available options, and make appropriate decisions. We can also maintain your registrations and renewals so you can get on with running your business and worry less about matters pertaining to corporate structure and compliance.

Small-to-medium and larger enterprises

As you a new business moves beyond start-up phase and towards maturity, it is highly likely that a company structure will be a more appropriate vehicle for the company’s growth. These changes will herald director and officeholder responsibilities and compliance requirements where you may need special professional help.

Even for established business entities, with Billings and Ellis looking after business name registrations and renewals, and other ASIC-related renewals, it’s like having a professional corporate affairs ‘concierge’. The firm can also advise and assist with company structures, trusts, associations, boards, directorships, shares, stakeholder relations, investor relations, government relations, superannuation and SMSF, and much more.

518,547

Number of registered companies in Victoria (Aug 2008 ASIC)

2,238,299

Number of active businesses in Australia (2017 ABS)

781,686

Number of non-financial corporations in Australia 2017 (ABS)

Australian businesses with turnover $5m+ (2016-2017 ABS)

856,935

Number of registered companies in Victoria (Aug 2018 ASIC)

20,716

Number of business exits in Victoria 2016-2017 (ABS)

65.9%

Survival rate of 2013-2014 trusts in Australia by 2016-2017 (ABS)

3.2%

Drop in number of partnerships in Australia (2016-2017 ABS)

Registering a business name

If you intend to conduct business activities you must register the business name unless:

the business name is the same as your own name (eg: Jane Smith)
you have a company and the business name is the same as your company name (eg: Smith’s Ships Pty Ltd, Smith’s Ships)
you are in a partnership and the business name is the same as all of the partners’ names (eg: Jane Smith & John Doe)

Creating a company structure

There are numerous requirements for a business to operate as a company. The company must have a registered office and principal place of business. The personal details of directors must be disclosed to ASIC. There are requirements for maintaining financial and other records, and lodging reports. ASIC fees must be paid and any changes updated to ASIC. There is a duty to act in the company’s best interests, ensure the company is solvent, and handle information appropriately. There are decisions to be made about how the company is structured – directors, shareholders, etc. Billings and Ellis can advise on company structuring and take care of corporate affairs.

Key duties of a company director

The ASIC website defines the some of the key duties of a director or officeholder as:
• being honest and careful in all your dealings
• understanding what your company is doing
• making sure your company can pay its debts on time
• ensuring your company keeps proper financial records
• acting in the company’s best interests, even if this conflicts with your personal interests

Billings and Ellis can act as your personal advisors in carrying out your role as a company director and the responsibilities that come with that position.

Using trusts In your business

A trust is an obligation imposed on a person – the trustee – to hold property or assets (e.g. business assets) for the benefit of others (known as beneficiaries).

Setting up a trust requires a formal deed, as well as the completion of yearly administrative tasks associated with it. If you operate as a trust, a person known as the trustee is responsible for its operation.

A trustee can be a company registered with ASIC. If the trust does business under a name other than its own, the name must be registered as a business name with ASIC.

Billings and Ellis can advise on the use of trusts and their benefits, and how they may be useful within your business structure.