The Australian Securities and Investments Commission (ASIC) is where you must first register each business name. This is a necessity set forth by law to guarantee that your company name is original and not already being used by another company. There is no restriction on the number of business names you can register under the same Australian Business Number (ABN). However, there is a charge associated with each name you register.
Second, you should think about how running numerous businesses will affect your branding and marketing initiatives. Each company name ought to indicate a certain brand and market segment. Customers may become confused and your brand identification may be diluted if you run many companies with identical names. Additionally, you should make sure that each organization receives a customized marketing strategy rather than a general one.
Thirdly, you must ensure that you adhere to all statutory and tax requirements specific to each firm. This involves keeping correct financial records, paying income tax on your profits, and registering for GST if your yearly turnover exceeds $75,000. To be sure you are fulfilling all of your requirements, you should also speak with a lawyer or tax expert.
A sole proprietor can operate under various business names, but there are significant legal and practical issues to take into account. Each name must be registered with ASIC, and each business must adhere to all legal and tax regulations. Additionally, you should think about how it will affect your branding and marketing initiatives and make sure that your companies are unique and catered to their particular target customers. Finally, to make sure you are fulfilling all of your responsibilities as a sole proprietor operating several enterprises, you should obtain professional advice.