more than 1 business?

[SOULFLY3]

Hey ppl,

Atm I am a sole trader with an ABN,
Now I want to branch out into more aspect of my business,
And preferably "start another business" with a new name.

Can this be done?
Is this easy to do?
Do I need a new ABN? even if a dif business name?

Thanks

 

[joanmc]

you can have as many businesses as you can handle! maybe a chat to your accountant to see what might be the best structure for whatever expansion you are planning?

 

[Aaron Sice]

ASIC fees.
New constitution.
New accounts and their fees.
Accounting fees.
BAS.


i'm winding back a lof of my business structures. CBF'd with it all.

 

[SOULFLY3]

Thanks for the replys.

Basically I am a landscaper, but 70% of calls is for retaining walls so I want to sort of branch out into that field with advertising etc etc.
As with machinery and I enjoy the construction works I thought would be a good way to go..

 

[joanmc]

Is there some reason why you wouldn't do that under your current business name? You might also want to think about a company for 2 reasons 1: you might start making a lot more money ( talk to your accountant; and 2: to keep yourself legally separate from the business but this depends on a few other factors ( check with your solicitor) . You can change to a company under your current business name.

I know it cane seem expensive paying hundreds of dollars to an accountant and solicitor but in my experience it is worth it. We started out with a little sole-trader business and built it up to a company in 2 years. Since then (now 10 years) we have added a new company for another business and a partnership for another!

Good luck with it all!

 

[joanmc]

oh yeah, and don't forget public liability insurance and maybe even some kind of indemnity insurance in case a wall collapses!...you never know and it's always best to cover all your bases

 

[Savanna100]

If you are a company maybe consider doing all under one company but buy seperate business names eg AAA Pty Ltd (company) "trading as" youyouyou (business name)