legal requirements

• business name

  a sole trader can trade in their own name or register a business name.

  a partnership can trade under the partners names or they can register a business name.
• tax file number

  a sole trader trades on their individual tax file number .

  a partnership has its own tax file number. the partnerships profits are divided among the partners and they pay personal income
• australian business number

  also known as ABN.

  an ABN is needed to avoid having amounts withheld from payments to the business.

  an ABN is compulsory if the business collects GST (goods and service tax)
• business name

  business names are registered with the australia securities and investments commission (ASIC)

  ABN is required to register a business name