How to set up business partnership for tax (ABN, BRN, etc)?

S

Sam

New member
Hi,

A friend and I are looking into starting a skateboard import business together and are a little confused about the legal/tax side of things. I already have an ABN as a sole trader, which means that I am not entitled to another, he does not have an ABN. Does this mean that we need to get an ABN for the business itself and if so does this mean that we need to have the business name registered and a BRN? Or am I completely of track.
We are looking at making over $10,000 per year.
 
First of all you need to have a business plan before "starting up a business" that you think that will work. Also have you researched the market for your competitors?
Also you can run it under your ABN :-)
 
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