Register You may have registered your business name and trading name (abr.gov.au) . However this is not a legal entity. You need to register that and the company name with ASIC.. If you want your company to trade under a different name you are also required to register the trading name as a business name. Of course that means making sure the company has an ACN, an ABN and a TFN. All of this can be done at asic.gov.au andato.gov.au.
3) Establish directors
Next you have to establish the directors, who by name are responsible for the corporate actions of the company and are generally the key decision makers in running the business. Asset protection for the directors is where incorporating has an advantage over operating as a sole trader, as directors are part of a Ltd (Limited Company), which means the assets at risk are limited to company assets.This differs heavily from a sole trader, which is not limited. If a sole trader cannot repay or satisfy a debt, then creditors can sue the sole trader to recover it. If successful, the creditors potentially have access to the sole traders assets which could include the family home! As you can imagine, the risk of personal bankruptcy is much higher for a sole trader.