The quick response is no. A trading name is only the name you employ to carry on business. It is not a distinct legal entity, such as a business or a trust. This means that even if you are doing business under a different name than your own, you are still a lone trader. You yourself are responsible for any debts or legal problems that may result from your operations as a sole proprietor.
In light of this, is an ABN required in order to register a business name? You do, you do. To register a business name in Australia, you must have an Australian Business Number (ABN). This is so that the Australian Securities and Investments Commission (ASIC) can recognize your company and associate it with your trading name using the ABN. Through the Australian Business Register website, you can request an ABN.
Actually, no. A trading name is not a distinct legal entity, as was already stated. You may still file a lawsuit against the person or business using that trading name, though. For instance, if you have an issue with a company that is utilizing a trading name, you would file a lawsuit against the company’s owner rather than the name itself.
You are in charge of keeping the company’s records up to date and making sure it complies with all legal requirements as the registered agent. If you don’t, you can be responsible for paying any penalties or fines the business may be assessed. This is why it’s crucial to comprehend your duties as a registered agent completely and to stay current with any legal modifications.
They can, yes. The registered agent does not have to be different from the business owner according to the law. However, it is typically advised that the registered agent be a person who possesses the requisite skills and experience to carry out the function successfully. Make sure you are aware of the duties involved and are confident in your ability to carry them out before considering designating yourself as your company’s registered agent.
Finally, even if a trading name is not a legal entity, it is nonetheless a crucial component of your company. Make sure your trading name reflects the principles of your brand and is not already registered by another company. Make sure you are aware of your duties as a registered agent and stay up to date on any changes to the legislation. Last but not least, keep in mind that you would sue the owner of the firm, not the trade name itself, if you had any legal concerns with a company that is using a trading name.