You might also want to watch How to register for GST: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-T1SxmcZET5o.html Which Business Entity to Use: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-eM2QIxSl7Lw.html
Please don't stop making these videos! They have helped me become so confident in starting an app company here in NZ and this information has been so straight to the point! Thank you!!
Thank you heaps Peter for your knowledge and experience.Very informative content that i will learn from as i look to start my own business.I will definitley watch your other videos Thanks again 🤝🏿
Love your videos! Super easy to understand. Quick question, I'm starting a clothing brand/business as a Sole Trader but I also want to register my brand name and trademark. Am I able to do this without with registering as a company?
Yes, you can register your trade mark here: www.iponz.govt.nz/about-ip/trade-marks/ Thanks for loving the videos. Its great when I get such positive feedback.
I have a business, and have under this business I have a trading name, I have the domain for the trading name and social media also, Question: Do I have to reserve or register the trading name so no other person takes my trading name as their primary/registered business name as I see its still free to use? Videos are great and easy to understand. thanks
Cheers for the compliment. If you are using this trading name, then some-one else cant use the name for the same purpose. But, it is becoming more common for businesses who are concerned about this to form a holding company using the trading name to help protect their name. Unfortunately, I have given you a simple answer to what is not always a simple question. I suggest a quick call to a commercial lawyer who has specialist knowledge in this area to be sure of your position.
Hi Mr Peter, I am from Pakistan running and working a business in Pakistan. Due to the current state of business in Pakistan. I would like to move and open a business in Nz. I came across yours video which is very useful. I wounder if you can help me, I will share all the business details if you can help us. Kind regards. Sadiq
Hi, I no longer work as a consultant, mentor or business coach. You can get much of what you need by watching my videos, but for specific advice, check out your accountant or Business Mentors NZ on: www.businessmentors.org.nz/. Thanks for watching, it is much appreciated. Good luck.
Cheers, Pete. Ive binge-watched lots of your videos. Ive registered a company called Electric Avenue Racing. If I shorten it to Electric Avenue do you think those guys running the festival in NZ are going to have a problem? We aren't in the same field of work after all.
Binge watched? You will need a lie down and a cuppa (or stronger) after that! There are always issues with using something some-one else has used. I wonder if Eddie Grant knows his song title is used by the festival? There is an electricavenue.net.nz and an Auto Electric Avenue business. Im no expert, and you may be right, but talk to an expert. In this case it would be a patents, copyright & trademark lawyer, to be sure.
Enjoying the content mate , I'm interested in speaking to someone regarding the potential legal implications of going with the current name I have chosen for my Business. Is there anyone you could recommend to help with this issue ? Cheers !
Thanks for the compliment. It will depend if the name is in use, similar to another or offensive. You could try the ONECheck website to see if the name is OK. Other than that, I would suggest a trademarks lawyer or similar as they work in this field and should be able to advise you. The NZ companies office would be another place to check and see if the name is OK.
Hey peter I've just come across your videos and they have been a tremendous help. I'm starting an online business as a sole trader. I want to protect my business name, i have reserved the name but to permanently own the name do I now trademark to register the name?? I'm a small business not wanting to go under a company atm..
Great that the vids help. One of the common ways of protecting your name is to have a LLC of that name. If thats not an option, then you can trademark. Check out this video on trademarking a name: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-O--wkXHRDsg.html
Hi there, thanks so much for your videos. I am wanting to start a business as a sole trader but I would like to use a business name. How can I reserve my business name if I am not registering as a company?
Once you are using the name there is some protection as you have history. You could trademark the name: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-O--wkXHRDsg.html Or reserve the name at the companies office: companies-register.companiesoffice.govt.nz/help-centre/starting-a-company/reserving-a-name-for-a-new-company/
Using names that are similar to large overseas corporations can often come with challenges. It really depends on the policies of that overseas company. The question to ask is how hard does Gucci work to protect its name, reputation etc. Clearly you are not in the same industry as Gucci and are not counterfeiting product or imitating them in any way, but they may take the view that by using their name you are aligning yourself with their values and image to promote your company. That could be an issue for them given that they are a fashion brand and take great care of those things. Have you tried to register GucciFeet as a company? As a start, do a search via ONECheck and see if there are any obvious conflicts. If you are in any doubt, talk to a Lawyer specializing in trademarks, branding etc for advice. A short lawyers consultation may save a lot of headaches (and money) in the long run.
Once you have formed a company there is no time limit. You will need to pay the annual fees and complete the usual returns etc even if you are not trading, to satisfy the various government departments. .
@@gregorykinsella6830 no worries. Best advice I can give is to speak to a good tax accountant to make sure you are set to take full advantage of the deductions etc available to you. No point in paying more tax than you need to.
Sure. You can be shareholders/directors of more than one company at the same time, and be a sole trader as well. The obvious question would be why? While not compulsory, you would need to keep accurate accounts as a sole trader and as an LLC, so you would be essentially doubling up your work load. Depending on your situation and what you are doing, there is no reason why you cant run an LLC and have 2, or more "trading as" divisions. In order to have more financial understanding, it would make sense to run a separate cashbook for each "trading as", but that could be run under 1 LLC. The result would then be 1 tax return, 1 GST return so less work for you. Obviously, if the shareholding in the LLC includes people not involved in the sole trader, this wouldnt work. Does that make sense? Before you set up any structure, have a good understanding of what you are trying to achieve and take advice from an accountant on the best tax structure to make this work. Its easy to set up wrong and pay more tax (and make more work for yourself) than you need to.
Thank you so much that does make sense. I am a sole trader already for a retail business, but my husband and I have been offered long term contract work and we thought the best way would be to set up a LLC but I wondered how that might affect me as a sole trader. But your answer helps me a lot!
