Start New/Buy Existing Business Start Up
When you’re looking to Start Up a new business make sure you know all the facts, advantages and disadvantages so you can truly make an informed decision on whether or not to purchase or start up. Similar to buying your home, you do due diligence and conduct a building and pest inspecting, council checks etc and you must ensure you do the same for your business venture.
Whether starting a new or buying an existing Business the following should be considered to ensure you are make an educated decision on your going into the business, including:
- Pro’s and Con’s of the industry
- Registration and licence requirements
- Name registrations (including ASIC and Domain’s)
- Industry specific registrations/licences
- Tax Structures and Asset Protection
- Workplace Health and Safety (WHS)
- Tax Office Obligations – TFN, ABN, GST, PAYG, FBT
- Intellectual Property / Trade Marks
- Insurances – Prof Indemnity, Contents/Building, Public Liab, Workcover, Life, Income protection, Key Man
- 3rd Parties – shareholder agreements, buy/sell agreements, personal guarantees
- Finance & cash flow requirements
- Staff and employment requirements and obligations (HR)
- Fixed and Variable expenses, break even analysis