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  1. #1
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    Default New company setup

    Any hubbers ever been though the processes of setting up a PTY LTD company?
    Do you know how long it takes one we submit the paper work?

    Also at this stage DF will be the labour of the business and I will be the admin. I haven't used myob in a long time and am feeling a bit overwhelmed with responsibility especially at tax time.

    Any tips on how tom minimise the paperwork stress and what I can and can't outsource to an accountant.
    How do you make your HBB work?

    : )
    Thks

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    We started ours about ten years ago and from memory it didn't take very long

    Myob changes yearly so I think its best to see your accountant first ( ours trained us on how to use it for our business) and set up procedures with them - so we only need to see ours yearly, we still send our quarterly accounts/figures to them and can call for any help any time ( this is really important especially in the first year when you are getting all your bas, super, payroll and ato stuff set up )

    It is overwhelming in the first few months so just make sure you triple check everything! Good luck with the business

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    MadeWithLove  (28-05-2014)

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    Thanks for the tips!

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    The setting up of the pty ltd company doesn't take long at all. You can pay to go on a 1-2 day myob course which might help. My strategy with myob is spend a small amount of time every day getting data entered, reconcile everything ASAP, then BAS time is a matter of generating the report & sending off the form. The accountant goes through everything at eofy & queries any issues, makes adjustments etc. Its not hard if you keep on top of things. My dad always gets stressed cos he sits down at the end of the month to sort everything!

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    I'm going threw this at the moment and to go from a sole trader to a company took a few hours for the accountant to sort. I just had to sign a few forms.

    Good luck with your new business.

    Sent from my GT-I9300 using The Bub Hub mobile app

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    Thanks all!
    Anyone use WAVE accounting software??

    We are almost up and running already. Haven't signed everything but we have an ACN and ABN already. I'm shocked how easy it is!
    the accountant is sorting it all out for is tomorrow. DF just bought a new vehicle and I'm working on logos now.

    FX it all comes together. He has his first contract lined up for next week!

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    Can I ask what type of business? DH is a carpenter and this is something we want to look into in the coming year..

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    Good luck and congrats

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    MadeWithLove  (29-05-2014)

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    Quote Originally Posted by babyla View Post
    Can I ask what type of business? DH is a carpenter and this is something we want to look into in the coming year..
    DF is a cabinetmaker- has been for 20+yrs. His current employer lost their installer and offered DF the contract. But the way it all works.. We had to setup as a pty ltd and get insurance before he could bill them as a contractor.


 

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