Limited Liability Company in NZ Explained. How to Start a Business in New Zealand.

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How to Start a Business in New Zealand. The Limited Liability Company in NZ explained. By far the most popular business legal entity in New Zealand is the Limited Liability Company, or LLC. It is used by small “mum and dad” type business right up to large public companies. So what is it, how does it work and what do you need to know?
0:00 Introduction
1:40 Limited Liability Co Overview
2:41 What does limited liability mean?
3:46 Public Indemnity Insurance
4:16 Limited Liability Co and a Family Trust
4:57 Bylaws and Constitution
6:00 Registration
7:06 Tax Number
7:42 Business Bank Accounts
8:44 Accounting Requirements
Resource links:
NZ Companies Act 1993
legislation.govt.nz/act/public...
Companies Register
companies-register.companieso...
RealMe
www.realme.govt.nz/
Inland Revenue Department
www.ird.govt.nz/
Anti-Money Laundering and Countering Financing of Terrorism Act 2009
www.legislation.govt.nz/act/pu...
The How to Buy a Business Right Guide: • How to Buy a Business:...
The How to Sell a Business Right Guide: • How to Sell a Business...
How to Start a Business in New Zealand: • How to Start a Busines...
This channel has weekly uploads, tutorials and features all focused on how to start a business, how to buy a business, how to sell a business and how to increase the profits in a business to increase the business value.
I am a Business Broker based in Auckland, New Zealand.
Keep in touch:
LinkedIn: / peternola
Instagram: / peternolabusinessbroker
Website: www.businessesforsale.co.nz/b...
#howtostartabusiness #howtosellabusiness #howtobuyabusiness

Опубликовано:

15 июл 2024

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Комментарии : 76

@PeterNola 3 года назад

You might also want to watch: Sole Trader Explained: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-XyLN-YB8G1E.html Sole Trader or Limited Co or Partnership: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-eM2QIxSl7Lw.html

@barnscorp2784 4 года назад

Thank you! Just the video I was looking for.

@PeterNola 4 года назад

Im pleased you found it helpful.

@megantooley5698 2 года назад

Many thanks Peter for sharing in plain simple language for newbies like me. Keep it up!

@PeterNola 2 года назад

I will. Thanks for watching, and the kind words. Much appreciated.

@globalinvestor4451 4 года назад

Thank you so much for this Peter! I appreciate it. Hopefully we can link up one day in the near future. I look forward to all your other videos!

@PeterNola 4 года назад

Glad you liked it and thanks for giving me the push to make the video. I had planned to do so, but needed a bit of a shove to make me do it.

@newzealandcolorado835 10 месяцев назад

Clear and concise. Very helpful. Thanks, Peter

@PeterNola 10 месяцев назад

Thanks for the feedback, and thanks for watching. Much appreciated.

@alphakilotechnology4133 3 года назад

Great info, clear, and well explained. Thank you. Liked and subbed.

@PeterNola 3 года назад

Thanks for the sub. Glad you liked the vid.

@shivampatel2171 3 года назад

Many thanks Peter !! it was really helpful

@PeterNola 3 года назад

I'm glad you liked it.

@rogue_luko Год назад

Much obliged for sharing your expertise Peter - valuable tips!

@PeterNola Год назад

Thank you for stopping by and having a watch, its much appreciated.

@kri-m19 4 года назад

Thank you, your advice was clear and precise. I will be setting up an l.l.c very soon so your info really helps me to be informed about what i am going to get my self into, thak you for your video

@PeterNola 4 года назад

I'm glad I could help. I hope your new business goes well.

@eggherna5903 4 года назад

That's a valuable set of explanations. Thank you Peter ! Thumb up. Would you please make a video on the Family Trusts ? It's a topic that many people mention but never explain... You mention it in this video and I would love to know more about how to combine concretely an LLC and a Family Trust and what are the real tax tricks here. Thanks a lot !

@PeterNola 4 года назад

Glad you like the video. Thanks for having a look. Sure, I can do that. It'l take a bit of time to produce. I will need to do some research as its not a subject that I come across regularly. Im neither a lawyer nor an accountant, so I would suggest you speak to both for detailed advice. In short, you can have your Trust own an LLC. The most obvious reason is to protect your assets, (maybe family home etc) should the LLC fail. The rules will obviously be different from place to place, and depending on your individual circumstances. One size wont fit all, hence my suggestion for specialist advice.

@sandeepsingh-yj9fz 2 года назад

One of the best and full information for NZ company, I am planning to open a company and your video going to help me a lot, appreciated 👍

@PeterNola 2 года назад

Thanks form saying so. I hope your new business goes well.

@ITS_RICKS Год назад

I don't why this is not a big channel more young people needa hear no good I'm only learning about it now big ups to you bro keep it up inspirational stuff 💯

@PeterNola Год назад

I dont know why either. Yes, I will keep it going. Thanks for the kind words, it is much appreciated.

@emmaCHGU 4 года назад

Thanks very useful information

@PeterNola 4 года назад

Thanks. Its always great to get some positive feedback

@user-fp6bg6uc7r 10 месяцев назад

appreciate your content!

@PeterNola 10 месяцев назад

Thank you. Thanks for watching. That's appreciated, too.

@vwalker7805 3 года назад

very helpful, thank you

@PeterNola 3 года назад

Thanks.

@arokiingaming8847 Год назад

About to embark on a new new journey - thanks for the information I hope there haven’t been too many changes in our country since this came out 😂

@PeterNola Год назад

You should be OK. There are no significant changes that I am aware of.

@karinatepou588 3 года назад

Thanku👍Just what I needed to know right now, decisions; What category; Sole trader, or Limited Liability Company & Whom🤔 Lawyer, Accountant thanku🙏 Starting my own business and goin to reserve name🤗Grateful for yr Knowledge sharing💜💯Awesum💜🙏

@PeterNola 3 года назад

Thanks. Its good to know I helped.

@ricoboy6777 Год назад

Think you sir

@PeterNola Год назад

You are welcome. Thanks for watching.

@reneejones5675 Год назад

that was so helpful thank you

@PeterNola Год назад

Glad to help. Thanks for stopping by and having a watch. I appreciate the feedback.

@reneejones5675 Год назад

Much appreciated, does it take long for the GST and Paye registration.. I will check if you have other videos on it

@PeterNola Год назад

@@reneejones5675 It would usually be 10 working days, but it can take longer sometimes.

@reneejones5675 Год назад

if I was to sign up for a business number before the end of the year, would my established date still be 2022? and thank you for the answers

@PeterNola Год назад

@@reneejones5675 Are talking NZBN number or registering a company? Your NZBN number is a rego number for your business/sole trader etc and can be done anytime, even after you start trading. The LLC registration will be when you register your company and is used for GST, income tax etc.

@sonofsunforest3274 2 года назад

Thanks Peter - very clear and practical . Would you recommend using an accountant for the whole process of creating a LLC so that nothing is missed?

@PeterNola 2 года назад

You can certainly do the setup on line with no issues. I always believe that you need to be sure of getting right advice at the beginning especially when it comes to tax etc. Therefore, the tax implications, GST and how you will run the business should definitely be discussed with an accountant.

@jedimike7689 11 месяцев назад

Hi Peter thanks for that! I had a question, when I register an LLC , do I register the Company name as "Really Cool Company" , or "Really Cool Company Limited" (ie with Limited as a word explicitly part of the name) ? I'd hate to accidentally wind up with my company that has to be referred to as "Really Cool Company Limited Limited".

@PeterNola 11 месяцев назад

You're probably aware that any NZ company must have the word Limited or the abbreviation Ltd at the end, so register it accordingly. This is to differentiate from a trading name etc. If in doubt, check the New Zealand Companies Act of 1993. You can be "Really Cool Company Limited" trading as "Really Cool Company".

@Malkeezy Год назад

Appreciate the video bro I'd like to get in contact with you and talk more 💯

@chrisheaton9078 Год назад

Hey Peter, Nice video.👍 I do have a question for you. Can I register and protect my business name as a sole trader? Do I use the same process that would be used in setting up a limited liability company?

@PeterNola Год назад

Protection comes from using the name and establishing a presence in the market, this is the sole trader method, or via a Limited Co and/or trade marking the name. Talk to a trade marks specialist lawyer for advice on what is best for your name. I had a business that had a long history, and some-one else started up using the same name. I had no recourse as the other business was in a different industry and wasnt seen as being in competition with me, hence my comment about legal advice.

@Travisnail69 10 месяцев назад

Hi Peter great video. If you are the director and the only shareholder does that still make you responsible for 100% of the dept?

@PeterNola 10 месяцев назад

This isnt a simple answer as it will depend on the loan documents, supply agreements etc that have been signed. In other words the source of the debt and security. This is where a specialist accountant or lawyer should be consulted to give you direct advise as to your situation. If you have borrowed as the company only then it is likely that you will be liable to the value of your share capital. There are some exceptions like ensuring the share capital is paid up etc. However, if you have signed loan documents/supply agreements as a guarantor of the company or provided personal security etc, then you are probably liable. If in doubt, get advice from a professional. Getting this wrong can mess up your business for a long time.

@satish4938 2 месяца назад

Hi Peter, where can I find details of laws that a LLC company needs to comply with for a specific business.. and what license does a business need to operate that Buisness in nz. Thank you.

@PeterNola 2 месяца назад

Rules around companies are in the Companies Act, see link in the description. Licence would depend on what the business does, and where it does it. ie Liquor Licence, late opening licence, gambling licence etc. Check with the local council about the type of business you are operating in their area and their licence requirements.

@satish4938 2 месяца назад

@@PeterNola Thank you. Will do. Cheers!

@seashellyl90 Месяц назад

Hi Peter! Can the shareholder and director be the same person? Can an international shareholder be easily added at a later date?

@PeterNola Месяц назад

Yes, to both questions.

@jamesingpen6533 Год назад

Hi Peter, I've just read the comment below regarding some tax accountants in Auckland. I would like some professional help to set up an LLC, do you happen to know of any reputable accountants in Wellington? Thanks, James

@PeterNola Год назад

Im sorry, no. Im based in Auckland and work in the region, so Im not familiar enough with accountants in Wellington to recommend any.

@OnofreInsightOnofreHector 2 года назад

Great video, great info thanks. Can I start a limited company if I'm on a work visa in NZ expiring in December 2024? Or do I need to be resident?

@PeterNola 2 года назад

Yes, as I understand it, you can be a shareholder in a NZ company without being a resident.

@OnofreInsightOnofreHector 2 года назад

@@PeterNola thanks for replying and for those videos with great info

@PeterNola 2 года назад

You're most welcome. I'm glad you're benefiting from the vids.

@sneek9054 Год назад

I need help with this , can you walk me threw till my buisness is running .

@sneek9054 Год назад

I have big plans , that I know will blow up I just need help to understand all this stuff I'm currently stuck on trademark check & register my trademark ??🤔 i am full of great ideas but don't know where to start .I need help without big words please

@kevintregunno9652 Год назад

My son has been offered contract work in Europe and they want to pay to a company. Is it best if he sets up an LLC and invoices them from the company? I know there will be lots to learn in terms of tax and how much he then pays himself from the company, then there is the GST minefield. Really sounds like he needs someone to take him through it all. What sort of accountant should he be looking for? Cheers

@PeterNola Год назад

A good tax accountant will be fine. The LLC will also give tax deductions, GST claims etc, so its not a bad thing. When you pick an accountant, interview them. Ask questions about why and how. Dont take them on face value, make sure you understand exactly what they will do and how it will benefit (or not) you. Talk to a few and then make a choice. Its no different from hiring staff. Advisers are your staff, so make sure you're happy with them before you jump in. If you are in Auckland, I can suggest a couple to talk to

@kevintregunno9652 Год назад

@@PeterNola Yes, I am in Auckland. I would so appreciate your suggested people.

@PeterNola Год назад

@@kevintregunno9652 Tell them I sent you. You could try Kirit Lal: www.wwauckland.co.nz Carl Sowter: www.marleyloft.co.nz

@codelord8195 3 года назад

Can you migrate to NZ at some point based on LLC?

@PeterNola 3 года назад

Hi, You can be a director of a company and be based overseas. Sorry, I am not knowledgably on immigration as its not something I deal with regularly. I suggest you do a google search and find a consultant based in New Zealand as they should be up to date on the current regulations.

@zacciahadom-oduro7030 10 месяцев назад

How about starting a business as an international student?

@PeterNola 10 месяцев назад

If your visa allows it, I am not aware of any reason why you cant.

@luxurycars9477 3 года назад

how i register llc from Pakistan?

@PeterNola 3 года назад

Hi, thanks for watching. Check out this video for an overview on the registration process. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-P6KDee1cr6Q.html