Running a business? Check your registered details are current
It is not only charities that should check their registrations reflect their current details; businesses should also check that:
- any trading name the business uses is registered as a business name with the Australian Securities and Investments Commission (ASIC) – (a business must register the trading name it uses, unless it is their legal name or company name);
- their ABN is linked to their company name and business name; and
- any logo or distinctive name it uses is registered as a trade mark and does not infringe another entity’s registered trade mark.
Businesses that are trading as a company should also ensure that director details, share transfers, principle place of business and registered office details are correct. These can be reviewed on your annual ASIC statement or through your company’s registered agent. Late fees apply for not updating these details within certain timeframes (generally within 28 days).
Going one step further, we also recommend that businesses check that any insurance policies in place properly list the insured by reference to the correct legal name.
For any assistance with these compliance checks please contact our office.