Those who sell their business or transfer part or all of their ownership are required to cancel or transfer their business name.
Some instances where you may need to transfer your business name include:
• if you are selling your business name or it has been sold
• you are passing your business name onto a friend or family member
• you are forming a partnership with an existing business name holder and another party
• one of the partners in a partnership or joint venture has left and there is only one partner remaining
• one of the partners has left and is being replaced (does not include joint ventures)
Your business name should be cancelled if you have stopped carrying on business under your business name and do not intend to continue carrying on business again and if you are not required to transfer your business name.
Business name holders wishing to transfer or cancel a business name need to lodge an application with the Australian Securities and Investments Commission (ASIC).
For more helpful business advice, contact us at Leenane Templeton on 02 4926 2300