Circumstances in our personal lives are constantly changing, and the same is true about businesses. There is a range of reasons which may cause a business owner to cancel their business name, from retirement to the sale of the business. This guide will provide all the relevant steps to a business owner wishing to go down this path.
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Considerations Before Cancelling Your Business Name
To make the process of cancelling your Business Name smooth and efficient, we have compiled a checklist of considerations to look about before taking the necessary steps to cancel the business name. These include
- Having an ASIC Connect Account set-up.
- Ensuring that the business name you are looking to cancel is linked to your ASIC Connect account.
- Making sure your business address up-to date.
- Having the authorisation to act on behalf of the business name holder.
How to Cancel your Business Name
ASIC has compiled a seven-step process where a business user can follow in order to cancel a business name and ABN through ASIC Connect. A quick breakdown of those seven steps is provided below
- Log Into Your ASIC Account.
- Select the Lodgements & Notifications tab at the top of the screen then select the business name that you are cancelling.
- In the transaction column, press the cancel/transfer business name and then select go.
- In the cancellation details page, select the radio button and select the Next.
- Review the Transaction.
- Make a declaration.
After Cancelling Your Business Name
Once ASIC receives a request to cancel a business name and a notice of intent is sent to cancel the registration of the business name. After one-month, ASIC will cancel the registration and send a confirmation notice.
There are differing methods available to any business owner looking to cancel their Business Name. If you are still struggling with attempting to cancel the Business name or the ABN, then it is best to consult with LawPath’s experienced business lawyers
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