What are the steps involved in forming a business entity?

To form a business entity, you need to choose a suitable business name and structure, such as a company or sole proprietorship. Next, register your business and obtain any necessary licenses and permits. You should also prepare an operating agreement and obtain an Employer Identification Number (EIN). Additionally, compliance with relevant laws is essential, including adhering to the Australian Consumer Law if your business involves trading. You must also meet tax obligations, which may involve registering for an ABN, GST, TFN, and PAYG. Don’t forget to register your business name, trademarks, website domain, and protect any intellectual property (IP) if applicable.