Description of the small business to start
The kind of business that I would like to start is a small retail shop specializing in sports products and equipment. The main products in my business would include a wide range of sporting gear and equipment such as playing costumes and kits, soccer balls, basketballs, and tennis rackets among other artifacts. Anyone having basic business experience could work on the premises, but persons having a great passion for sports would be a better choice, since the business specializes in sporting artifacts. As it would be observed, business success just like anything else comes with passion. In this regard, the business is likely to thrive well in the hands of people who understand sports well. The business would be located in Sydney, which is well-known to be a home for many sporting events.
The type of business structure
This business would be registered under the structure of sole-proprietorship.
There are many reasons as to why sole-proprietorship is the best business structure for the above business. First of all, the business is just a small retail shop that does not require partnership or corporate union to run effectively. Secondly, it would be easy to start and manage the business on a solo basis than on any other option, since this is the business structure that proves to be more appropriate for such small retail businesses.
In this regard, there would no one to share the profits with, and therefore, it would be easy for me to run the business the way I like and with all the financial gains that I would be getting as profits. More importantly, under this specific business structure, I could enjoy the benefits of trading in my name without having to incur extra expenses associated with registering a business name, like in the case of partnerships.
The company name and trademark registration
The title of my business would be ‘Modern Generation Sporting Artifacts.’
It would not be necessary for me to register the name of my business as a trademark, considering the nature and level of the business. First of all, registration of trademarks, usually known to be costly would not be essential to my business, since I am only operating as a normal retailer and not a manufacture. Secondly, trademark involves the application of a symbol or any other form of identification meant to protect a product or service legally, and in that case, it would not be necessary for my business, since I would be dealing with products from different manufacturers that have already been registered.
More importantly, trademarks are meant for complex businesses that need to prove that they are the original owners or producers of the products or services associated with them, and not for retailers or suppliers who are just key players in the distribution channel.
Other registrations involving the name of the business
Registration of business name and registration of domain names are other key registrations that I should consider. Business holders are required to register their businesses under simple titles according to their entity to their businesses. Registration of business name is required by the law, not necessarily for legal entity reasons, but to make it easy for customers to recognize and identify the real business owners. On the other hand, registration of a domain name entails giving a business an online identity such as a website address. All these registrations are essential since they play a significant role in selling businesses to consumers.
Some of the problems that are likely to arise at this point would include; the problem with the law for failing to comply with the Registration Act, and the challenges of coming up with original names or brands, to avoid using titles that have already been taken by other businesses.
Legal issues that have an impact on the type of business
As it would be observed, starting and managing a business is normally surrounded by numerous legal aspects. Apart from the registration areas described above, there are other legal areas under which modern businesses should operate. The other two key legal issues which are likely to have an impact on my business are; taxation registration and certificate of registration for manager or salesperson.
All businesses must pay tax through the Australian Taxation Office and therefore, this is a requirement that everybody anticipating to start a business should consider. The certificate of registration for managers or customers is an occupational license that gives business practitioners the right to conduct business under their respective positions. Both the above registrations would be necessary for my preferred retail business.