Updating partner details
Update partner details
You can use ASIC Connect to change the name or address of a partner of a business name linked to your account using the Change holder details transaction. From the 'Lodgements & Notifications' tab, select the business name from the myBusinesses list, navigate to the list of partners for the business name and select the 'edit'.
Adding or removing a partner
For the purposes of the business names register, partnerships must have a minimum of two partners. If you have two partners recorded on the register, ASIC Connect will not offer the option to remove a partner.
If you are removing a partner but adding another partner, just add the new partner as your first transaction, then remove the departing partner.
If you are reducing the number of partners below two, the minimum number required for a partnership, you are changing the type of entity holding the business name from partnership to an individual. If changing the ownership of the business name from an existing partnership to a new holder type (e.g. an individual, a company, a family trust or a different partnership that has entirely new partners), you will need to cancel the business name and transfer it to the new entity.
If you add and remove partners, you might like to check the partnership name is recorded correctly. Changes to partners don’t automatically change the partnership name recorded on the business names register. If you need to change the partnership name:
- go to ‘Lodgements & Notifications’
- select the business name, and
- select the ‘Change holder details’ transaction.
Partners in a joint venture partnership cannot be added to or removed as these changes will create a new entity.
If you need to add or remove a joint venture partner, you will need to first cancel the business name and transfer it to the new joint venture partnership. The new partnership can then register the business name.
Updating representative details
A representative of a business name, like a business name holder, must ensure that their information in the business name register is kept up-to-date.
An update to the register will be required:
- if details change, or
- to correct a mistake to existing information in the register.
You must notify ASIC within 28 days of the change. You can add and update details for an organanisation representative using ASIC Connect.
Organisation representatives must be a member of the governing body of the organisation - for example, the president, secretary or public officer of an association or other body.
Some things to note:
- trusts must provide details of at least one trustee.
- birth details, residential or email addresses provided will not be available on the public register
- organisations must have at least one representative appointed at all times.
To remove an organisation representative, complete our remove an organisation representative paper transaction. To add remove or update details for any another representative type, complete the change details or other business name representatives paper transaction.
You can fill the transaction in onscreen, then print and sign it and send to:
Australian Securities & Investments Commission
PO Box 4000, Gippsland Mail Centre, VIC, 3841
or
Email it to BN.lodgements@asic.gov.au
You must include your ASIC key on the transaction.