I wish to open a small shop for the sole purpose of buying…

These are the options and steps:

Registering and obtaining an (ABN) is free. Generally, both companies and sole traders will need an ABN.

If you carry on a business or trade within Australia, unless you fall within one of the exemptions, you will generally need to

http://www.asic.gov.au/for-business/your-business/small-business/starting-a-small-business/small-business-registering-a-business-name/

A sole trader is a simple business structure to set up as there aren't many legal or tax obligations. It's important to understand that when you operate as a sole trade you are:

• the sole owner of the business
• personally responsible for business liabilities.

Separate business bank accounts are recommended, but not compulsory for sole traders. You may be liable for bank fees, depending on the type of account you choose to open.

A company is a more complex business structure to set up as there are quite involved legal and taxation obligations. A company is a separate legal entity. This means it has the same rights as a natural person and can incur debt sue and be sued.

Registering a company will cost you $479 for a proprietary limited company. You will receive an Australian Company Number (ACN) when the Australian Securities and Investments Commission (ASIC) registers your company. If you want to run your business as a company, you need to register your company and get an ACN before you can get your ABN. Companies must have a separate bank account for the business. The company may be liable for bank fees, depending on the type of account it opens.

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There are no specific laws that are required to buy and sell precious metals within Australia.

This is the same as diamonds.

The most important as you need to consider is the risk of liability that could be raised against you.

In this case the structure that you use is very important.

The best structure to protect yourself is to operate two companies, a buyer arm, and then a selling arm, operated under a trust.

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