ABSTRACT
This chapter discusses the significant issues, but individual professional advice should always be sought from an accountant and/or lawyer where appropriate. An important first step for a practitioner contemplating setting up a practice is to prepare a business plan. The business plan is to satisfy yourself that your proposal is viable, to focus your efforts and, if necessary, to convince financiers that your business is worth supporting financially. Registration requires lodgement of a registration form and fee, and annual renewal. Registration will occur only after ASIC has established that the business name is identical or so similar to another registered business name or company name as to cause confusion. An application for a business name requires the applicant to provide an Australian Business Number. A sole trader is the simplest business structure. It involves the least administrative burden and legal regulation, and there is little continuing administration attached to the structure itself.
