THE BUSINESS OVERHAUL: The Legalities of Business


There are so many legalities to running a business it makes your head spin.

You need to plan out your business first and decided what you’re going to have.

A website? A blog? Both?

There are legalities such as filing for a Business Name which you will renew every three years. You need an ABN to run a business, plus you can’t buy a domain unless you have an ABN.

There is the need for a hosting company to set up a website, buying domain names and keeping it running.

There’s trademarking. If you want to own your business name, blog name etc, you might want to trademark it so no one else can use it.

Don’t forget accounting and yearly taxes. And if you sell overseas you will need to worry about the IRS and sorting out W8BENs, ITINs or EINs which are such a hassle.

When running a business it is important to keep across all legal aspects of it because let me tell you, the Tax department can take away your ABN at any time if they think you’re a hobby and not a business, or you don’t file tax returns. Been there, done that.

So before launching gung-ho into a business, research time, and pricing in particular, and then write up a plan.

Did you guys write up a blog/business plan when you started online and what were some of the key points?

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