Do you know who the registered holder of your business name is?
Have you changed business structures since registering your business name?
You may need to update your business name registration to ensure that:
- The entity you trade under holds your business name registration
- Your personal and business assets are best protected against litigation.
Recent work for a client moving into a new business structure required the transfer of the business name to the new trading entity, as:
- The Business Names Registration Act 2011 (refer to Part 2) states that it may be a chargeable offence to carry on a business when not the registered owner of the relevant business name
- Continuing with the business name as registered could have exposed the assets of the business and owner to considerable risk in the event of litigation.
We recommend clients periodically review that their business name is owned by the relevant trading entity, which will ensure they are not unnecessarily exposed to risk and are also compliant with the Business Names Registration Act 2011. This would also be a good time to review whether any Intellectual Property held was owned and registered correctly.
Unsure whether your business name is registered, or who it was registered to?
You can check this online by using the searching the Business Names Register on the ASIC website.
Please give us a call on 03 5339 3200 or contact us here if you’d like more information or assistance with managing the registered holders of your business name or intellectual property.
Thanks for reading.
By Genna Kidd
The information contained on this website has been provided as general advice only. Â The contents have been prepared without taking account of your personal objectives, financial situation or needs. Â You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.