There are several reasons why you as a business owner might desire to change your company name. However, changing the name of your company can be a complicated procedure, especially if you want to preserve your Australian Business Number (ABN).
Can you therefore alter your business name while retaining your ABN? You can, is the response. You can modify your company name through the Australian Business Register (ABR) without requesting a new ABN. By login into your ABR account, filling out the necessary information, and submitting the changes, you can alter your business name information.
It’s crucial to remember that while you can preserve your ABN, updating your business structure just by changing your business name won’t happen. The legal framework of your company will remain the same whether you run it as a sole proprietorship or a partnership. You must also amend your business name with the Australian Securities and Investments Commission (ASIC) if you conduct business as a corporation.
In contrast to having two businesses in the same location, numerous firms may operate from the same space. But it’s crucial to make sure that every company has its own distinct ABN and is registered separately with the appropriate authorities. This will make it easier for you to manage your funds and make sure that each company complies with all applicable laws.
The primary distinction between a DBA (Doing Business As) and an LLC (Limited Liability Company) is to the business’s legal structure. A DBA is a false name used to do business by a lone owner, partnership, or corporation. The owner or owners remain the only parties with legal standing as a result. In contrast, an LLC is a separate legal entity from its owners. It offers its owners limited liability protection, so they are not held personally accountable for the debts and obligations of the company.
In conclusion, it is feasible to change your business name while maintaining your ABN if you take the right measures. It is crucial to make sure you change your company name with all pertinent authorities and that you adhere to all legal requirements. Make sure that each business is registered individually and has a distinct ABN if you operate many enterprises out of the same location. Finally, it’s critical to comprehend the distinctions between an LLC and a DBA in order to select the legal structure that best meets your company’s demands.