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Hello Jane!! Good to see you finally on here!
I know you’re in the USA so I can give you my experience and if anyone else wants to jump in PLEASE do!I opened my business in Florida 8 years ago and every state in the US has it’s own resources to utilize. In Florida it’s sunbiz.org and it’s very easy to do this online, choose a name, pay a fee, and then it’s done!
Also some universities and colleges offer free business services that will help you set up a business in your area and also help you make sure all is good with Uncle Sam by providing you with good financial tips for keeping your business records straight…financially speaking.
ADVISORY: I am NOT providing sound legal advice, just my experience in the past 🙂
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Jane, I will also ask our CEO, BB to jump in and offer his knowledge for Australia. Each country is different. In some places it is also possible to simply buy a company name that has ceased business, but it remains registered. This involves less money, and less hassle as it is already registered, so less bureaucracy and paper work. KEEP IN KND ONE THING: the world in which we live belongs to corporations. So having your business as a corporation allows you to benefit from the tax and intellectual property that only corporations benefit from, so registering your business as a corporation makes a big difference. Plus it shows professionalism, and real business to your clients and customers. In other words it shows you’re serious with a legitimate business. Real or not, true or not, this is the environment in which we live, so we need to adjust and make the most out of it. Let us know how else can we help.
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Thank you Laura and Adriana!
Wow this is exciting! I had been so nervous to ‘get started’ that I haven’t been doing much of anything really…I hate to admit this.
This forum is really helping me to gain confidence to take action. I have my first networking event soon so I’ll do the prep-work in the rest of the projects. -
Hi Jane,
I have more experience when it comes to Australia – if you’re from Australia, then ASIC is the registering body of a proprietary company (also known as a Pty Ltd). so you could start there – Australian Securities and Investments Commission.
if you already have an accountant, you can bypass all these steps and buy what’s called a shelf company. ready-made and on the shelf there for you to purchase. Usually it’s about 2000$.
The shelf companies have their own names but you can change that OR can find a trading name that the company trades under.
in Australia, a Pry Ltd is a separate entity, a juridical person is you want. it has its own Tax File Number and irrespective of who their directors and shareholders are, it will always have its own tax return. This is very different from
how a company operates in the US (an LLC)..it has its liability advantages (the liability stops in most cases at the company and doesn’t reach you as a director or shareholder) – the thing is that it will require additional $$$ as it’s an entity on its own. Hope this makes sense…
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Great points Bogdan. For all USA students as well, getting together with your Accountant is a good way to have all the proper business filings.
I have done this as well.
TIP: Look for a knowledgeable Accountant and do some price shopping too. My first naive encounter with an Accountant cost me more money than necessary because I didn’t ask any questions and didn’t do any price comparisons.
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Laura’s totally right. You can’t underestimate the effect of having a good accountant. Not only has mine saved me so much money, he was instrumental in me achieving my goal of going to Australia to train with Tad and Adriana. I never have to think about the accounts because he has it covered for me, including setting up the LTD company. All for the equivalent cost of three hours of my time. Priceless.
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Refresh Your Mind Consulting – I have completed all the paper work with a lawyer (in Romania it all gets done through a lawyer) and by the end of the week I should have the official papers from the local authorities.And as you mention, once the company is up and running, a reliable and very good accountant is very important especially as many laws are changing rapidly and often times they can be very confusing.
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Hi Tad- I am all set now. After a few runs at the bank, accountant, authorities etc I am now officially open for business :)) Picked up a reliable accountant who is diligent with the papers and giving me good counselling. I am already having a few client contracts for coaching and preparing for trainings, some more intros, making travel arrangements to assist the Master Prac in July etc.
This creates a whole new experience for me, I see my daily activity from a completely new perspective as I am now clearer on how much revenue I/they produce for the business and what exactly drives that, what are the expenses etc. Until now it was all mixed up with the current job salary.I hope everyone is excited about opening up their own corporation – gives you a new dynamic and motivation in taking action.
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My company is House of Alabaster trading as Hope Counselling & Psychotherapy. I think I need to get my new platform name registered – Hope Counselling Coaching Training. I have heard Adrianna say that becomming a corporation is a good idea so I need to look into that also.
Georgina -
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Hi Tad – after a few runs at the lawyer, accountant, authorities etc. Refresh Your Mind Consulting is now open for business 🙂 I am already having a few coaching contracts, some more intros in plan, focusing on my website, making travel arrangement for Master Prac in July. Also I got an accountant that is giving me good counselling when it comes to taxes, papers etc.
I was inspired by one of Marc’s earlier posts, so instead of paying for the fees with the lawyers etc I am proposing coaching in exchange and it becomes a win-win.All in all it gives me a new perspective on the daily activities as it helps me understand better what is it, from what I do, that drives clients and revenue in the business and which are those activities or initiatives that don’t. Also, I now have more structure on my monthly income and expenses as it is no longer mixed with the current job salary.
I hope everyone is excited about opening up their own corporation and making a dream come true!
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Hello – my business is set up in the U.S., I chose to go under a corporation.
Debra Heslin Wellness,Inc.
However, although I am going to get that name under my umbrella I am working with a brand specialist, from the former airline I worked with who was Director of Brand for them and she has been coming up with some names and logos for me if I decide to change to a name that does not include my name.
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Debra, whatever you chose as your brand, keep in mind one thing. Once you establish a brand, do not change. Every time you change the brand (this is also in the Marketing NLP training) you start from zero. The customers forget who you are, it becomes confusing and you lose everything you have already built. That’s the problem with changing brands. It takes time to really build a brand (years) I.e. to make it known on the mind of the consumer, so you don’t want to start again from zero.
Mind you I am not suggesting to change or not in your case, just be wise so you don’t lose what you have already created. -
Tad I loved what you wrote and it helped me recognize that perhaps I would be confusing the existing clients I have and also how I am established out in my network through my name. Then it also had me thinking your company was built on the use of your name and that is the brand of course. I really feel that if I change the name to anything else I would stand a good chance of losing what is already established. Thank you for helping me see that. What would be the purpose of my changing it? Especially changing something that is working? Truthfully, no purpose, except perhaps once again I had to check in with myself and it seemed to be a limiting belief that what I have now “is good enough.” Thinking perhaps my name was not good enough or not enough so to speak. So I did TLT on LD around that and golly gosh it is good enough. 🙂 Got the learnings. This stuff works 🙂 Thank you LOL
Deb
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Tad – question however, if you want to sell your company, just say for argument sake, and the name is attached to the company, and you are not there anymore and people want you, how do you work through that. Such as Landmark – they don’t look for a particular person to be there. TJC we look for you and Adriana. Tony Robbins, you expect Tony Robbins, etc. So I see keeping my name if I am of the belief I do not sell my company or do I get another name that is attached to my name. That is my only confusion. Hope this makes sense. Would love to hear yours and Adriana’s thoughts around that.
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Every company is for sale for the right price. If you have the buyer who pays the right price let them work out the name of the company. In some cases there may be necessary to have an one year or a two year contract with your old company. Set up a transition. If you were to sell your company when you retire you don’t care that your old customers don’t find you. But today, in the world of social media, it is hard for someone not to find you if they really want. By the way I would not be a smart purchaser if I’ll let you leave and took all the clients with you. When you sell your old company to a new owner you want the new owner to be successful. I hope I understood your question correctly.
A word of caution. Psychologically when you think about selling your comapany, you are not as determined to make things work because….you’ll sell it. If you hold in your mind that your business is up for sale, you won’t do the things necessary to make it a success NOW. So that will play against you. When that time comes, you need to pretend you will keep it forever in your mind while knowing you want to sell it.
All I am saying is to guard your focus.
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Thank you Tad – I hear everything you are saying. I don’t want to sell my business – that is my husband’s model of the world and the brand person who was working with me. I am not changing anything with my name and have told them both it is my brand and I love my brand. I so appreciate your words.
Deb
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Hi Tad and everyone
I have one question about this.
I am set up and well known as Hope Counselling & Psychotherapy.
Unofficially I have tweaked my promotions to Hope Counselling Coaching Training.
When I transfer from a company to a corporation and add the NLP training I dont want to loose my branding I already have. I am thinking to tweak it to “Above Hope Counselling – Consulting – Training”.
Georgina-
Georgina, I think you should maintain the same name under which you are known. I am unclear why do you want to “tweak” the name again. If the name works already, and you’re known under this brand you can continue to use it even under a corporation. Unless you have a different motive for changing which is unclear at this point. It is not that you’re taking the name from somebody else, it is your name under which you are already known. If you want to tweak the name, change it into “Hope Counselling, consulting and training”. So so keep “Hope Counselling” first. The word “above” before “Hope Counselling” will change your brand sufficiently to create confusion.
Did you use the words “Psychotherapy” in your advertising so far? If you did, and it produced good results for you, then you can have the name be “Hope Counselling, Psychotherapy, Consulting and Trainig” Uless you want to let go of the “Psychotherapy” term completely. If so, you can use the example above.
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I registered “Sweet and Sour Life Coaching” and “Sweet and Sour Coaching” last year, as a sole trader, and use the former. Have a facebook presence, and website to come. https://www.facebook.com/sweetandsourlifecoaching/
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Did you think of registering a corporation? The reasons for doing so are related to VL5.
Now, be careful. What does “Sweet and Sour” have to do with who you are and what you do? If nothing, change the name. Currently the name reminds one of a Chinese dish. I don’t mean to be offensive, or disrespectful, but I am giving you my best thinking. If you choose to register a corporation you can change the name and begin to build a brand. Depending on how well known you are already under this brand – keep in mind and read the above thread for details. -
Hello Tad, thank you for your feedback. I chose Sweet and Sour because it relates to lyrics of a song (which was the theme of an Australian TV show in the 80’s) which say “one day the wind blows hot and cold, life can be sweet and Sour, but I am in control”
I’ve been considering shortening it to SaS or SAS Coaching & Consulting – they are also the last 3 letters in my surname and “sass” means lively, bold, fresh and full of spirit (and my niche is sassy corporate/career women).
Very interested in feedback on this.
Thank you
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I’ve always said the name of your business should be who you are and what you do. If somebody has to stop and figure it out, you lose, because honestly, nobody will take the time to figure it out. You can be as sassy as you want, it is still not a great name for a business. If you were Telstra would you hire a sassy consultant? I have nothing personal against the word “sassy” I am just putting myself in the position of your customer and try on every way in which it could not work, so I can eliminate all the possible pitfalls. I am trying to give you my best guess after 37 years of experience plus a few good more years in business consulting. The values of society have changed since the 80s. You may like the song and many people of the same age may remember it (or not), however what do modern women want today? Power, respect, equality, and other values which you may determine from interaction with your environment. If you want to use sassy, go ahead! But I’d like to help you avoid possible lack of success because of a mistake in positioning from the beginning.
Just my opinion.
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I wish I had this advice a year ago.
I am Vasso Fessas
I do Coaching and trainingTransitioning over to a new name will require a bit of planning, to bring over my followers, clients etc.
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It is never too late. Vasso – Tad is right, he has seen many businesses come and go – some NLP and nom not so much. we are still around after so many years; so, that thinking is the right one.
This is also for everyone out there… of course, it’s your business and your decision… AND, make an informed one, based on an invaluable opinion spanning over a long time.
BB
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I have been a Sole Trader until today which is the new Financial Year I registered a company last year before TT The company is Rossand Pty Ltd trading as Sandra Madafferi Coaching and Training
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My evolving business now runs in a partnership with my husband. And has done for the last 5 years. The legal entity is “Two Views Equine”. Under that my husband manufactures saddles and I provide NLP coaching, I train horses, teach riding, and until recently offered remedial massage. The massage component has always been known as Annie Kesterton, Remedial Massage. I have been in business for 15 years under my name. I see my NLP coaching/training business being known as Annie Kesterton, Inspiring Self Leadership Coaching. Would your suggestion be to Register “Two Views Equine” as a company and have my coaching/training business trading as “Annie Kesterton, Inspiring Self Leadership Coaching”…?
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Annie, it is always better to maintain the business name for which you are already known. Every time you change the name, the customers become confused. It take years to build a presence in the market place, so your idea of trading under “two views equine” is probably the best way to go.
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Hmm… I am not an CPA so take what i am about to say with that in mind.
In my view, and I know Tad and Bogdan think this weary as well, the whole world is operating under VL5. Look around. Nothing but corporations. They have better tax deals, the corporate veil, and the stock owners are protected.
Did you communicate to your accountant your plan to build a business? As a sole proprietor things are very different; you don’t have any protection against complaints, law suits, etc.
Personally I would not r operate under any circumstances unless I am a corporation. Not a partnership. Not a sole proprietor.If you’re true to your intention to build a business, I think you should consider this as an option. Read about corporations Vs partnerships VS sole proprietorship. There is a ton of information on the web.
Take a piece of paper and – according to your needs and plans – make what is called a Ben Franklin sheet. On one side of the paper benefits, on the other side things not so good. Then you can make a decision. Ask your accountant for more entails about each if you’re unclear so you can make up your mind.
I don’t know your situation and why your accountant advised you so. He might be right according to your momentary monetary situation. It is case-by-case depending on individual financial situation and plans for the future. Your accountant knows your situation and maybe it has reasons for advising you so, and yet, I think you should communicate to him/her your plans and direction and then make a decision based on the information you receive.When I was still in Sydney, between 1998-200, as a bran new trainer I had my own corporation. I bought an already existing name, (your accountant can advise you in case you decided this way) made sure it did not have anything attached from the past – in other words clean of any debt, etc – and I stated operating this way. This has been the case ever since. Operating only under a corporation. In Australia we are a PTy. Ltd. In the states, we are an LLC (limited liability corporation).
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“Mission You”
Coaching Training TherapyRegistered as a sole trader for now. Will move to a company as soon as i get some sustainable income flowing in
In Australia and India
http://www.missionyou.health
& http://www.sadhnamakhija.com (takes you to @missionyou.health) -
Sadhna, you can look at purchasing an already establish company which has stopped and you can trade under your name, np until you go down that path you need a lawyer to make sure there are not strings attached to old debts of the company etc.
This could be a cheaper solution to help you start.Anyway nice name. Make sure it is not a ready a trademark of someone else, or the name is not copyrighted.
It would be a bummer if you start building a brand only to find a cease and desist note because someone else was using it before you. -
Thanks Adriana, I registered this name through a charted accountant two months back, before i started to use it. it is registered “trading as” under my ABN.
I have already sent him a query to register it as an company if available.
Online i have purchased missionyou.com.au, missionyou.health and most statting with missionyou i could find. -
My business is called Inner Wealth Academy, and currently it’s still a sole trader business with my own ABN, not a company yet, however, as an accountant and CPA, I think I know what I am doing and I am pretty confident on this one.
Here are the reasons (and hopefully also results):
1. The reason I am using Inner Wealth Academy is because I want to build it perhaps one day as a platform for a a group of spiritual teachers, trainers and coaches (mainly target Chinese community now, it might expand internationally as well – it’s just a vision), of course, this is just going be started by and with one person, which is me. The whole purpose of the academy is for people’s mind, body and spirit alignment, growth, and awaking, it’s almost a LIFE University. As a matter of fact, when I am ready to set it up as a company, it will be Life University Pty Ltd. I checked with ASIC and it’s available.
2. Apart from delivery NLP Parc Master Mark Hypnosis and TLT 8 certification, I also have other programs I am teaching, current, I also teach Demartini Method Quantum Collapses Process, which is a two days workshop. I also plan to use it to up sell my NLP certifications training. By the end of year, I also want to add Dao Te Jing (this is just a plan so far). So Inner Wealth Academy is not a NLP only training institute, it’s a Life University. And one day when I become a more matured teacher and trainer, I want to create a couple of my own signature programs – to align my life’s DNA to my Business DNA, again, it’s a vision.
3. The reason I haven’t made it a company is one that I still have a company which is my accounting business Ixpress Pty Ltd, it has some carry forward loss can be utilised. Secondly is because it’s still a business in the beginning of forming & maturing. As an accountant and a small business owner for 8 years, I usually advice my clients not to bother with a company unless they are starting making good profits, hiring people (and/or leasing an office space). As the purpose of a company is for personal asset protection and for tax saving, when these 2 purposes are not served, say you are just starting out with no profits or you have got an insurance to protect you, you can actually delay the time to register for a company. It’s mainly because of the cost, as lots of small business owners are considering about the cost especially before there is any money coming in. It costs 2000 to set up a company and another 2000 to do a company tax return, if it’s a sole trader business, the cost all together is only between 500 to 1000. Anyway, it’s just my 5 cents of opinion, and I am stingy:-).
Also I am perhaps also looking for some other people (at least 1 or 2) to invest some money to become a shareholder(s) to run the business together, this is a possibility. I wait for the business get a bit more mature, perhaps in the next couple of year, or after I am returning back from China to set up my company. It would be ideal if some people wanting to invest into a start up (you never know).
Of course, I agree with what Adriana said, the company offers the best protection. I am just in a different situation. But you can use certain tips if you find useful for you. And I am happy to set up companies for anyone in our forum at the price of $1500 plus GST. I am still a qualified accountant, although my passion is HUMAN LIFE.
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1. Great forethought and future vision, naming your business now as you want it to be in the future!
2. I love what you said here: “I want to create a couple of my own signature programs – to align my life’s DNA to my Business DNA”
As you’re delivering your Pracs and Master Pracs you’ll gain such a good awareness (especially doing your own sales and coaching for your programs) on what additional trainings or programs you’ll want to offer as a compliment to your Pracs/MPs. You may see a gap you want to fill that will allow you to integrate and align all aspects of you into your business…sounds like a dream come true to me! 🙂3. Good advice and insight….I got the same learnings the expensive way, you’re not being stingy ~ In some cases, it’s smart to spend your client’s money/profits on business upgrades rather than your own money. At times it makes sense to invest in your business from pocket and other times it makes sense to invest as you’re gaining profits. I totally agree here Linda.
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I am currently operating as a sole trader with ABN and am meeting with my accountant in February and we are registering as a Company.
So, this will be done!
Gen
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Good morning,
I registered my Company this year and all was complete on 23rd January. My Company Infinite Potential Ltd is registered in Hong Kong.
Due to http://www.Infinitepotential.com being taken I have a website under the name http://www.unleashinfinitepotential.com I link in this wording through the website for consistency.Char 🙂
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Good morning,
I chose the name of my company – Infinite Potential – whilst doodling a mind map at Master Prac in Melbourne August 2018! Infinite kept coming up everywhere for me those few weeks. My hands were even resting in the infinity symbol during my Breakthrough, my partner got a picture for me when I was unaware.Unfortunately http://www.Infinitepotential.com was taken so I bought http://www.unleashinfinitepotential.com, I link in this wording through the website for consistency. I bought the url Sept/ Oct 2018, it’s been sitting there waiting for me to make use of it!
I submitted the registration for my Company this year and all was completed on 23rd January. My Company Infinite Potential Ltd is registered in Hong Kong. My Company/ Website launched on 2nd March.
Char 🙂
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I’m trading under “Judith Asal Coaching & Seminare: https://judith-asal.com.
When back in Germany/Europe, where I will be mainly trading, I’m looking to get legal advice to register as a company.
So far I’m registered as a Sole Trader in Australia.Best wishes
Judith -
Mind ReMapping Co LLC
http://www.mindremappingacademy.com -
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Hi Nicola
I’ve been looking at your website and social media….if you have been using this business name for a while and you have traction in the market place – you will know this from the clicks on your website – right down to specific pages and conversion, then you will know that this works for you. From what I see, you have branded strongly in social media and this is connected with your website. What makes you ask the question about your company name? Talk soon, Gina 🙂
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