If you're thinking of starting a business or professional practice, or if you're currently in business you’ll need to look at the advantages and disadvantages of each different business structure and work out which structure best suits your needs.
Setting up the correct business ownership structure is an important part of your overall tax planning, asset protection and estate planning.
The four most common types of business structures in Australia are:
- Sole trader: an individual operating as the sole person legally responsible for all aspects of the business. Like other structures, as a sole trader you can employ people to help you run your business.
- Company: which is a legal entity separate from its shareholders.
- Partnership: an association of people or entities running a business together but not as a company.
- Trust: an entity that holds property or income for the benefit of others.
When we help you structure your business we take into account:
- legal liability
- tax implications
- the cost of formation and ongoing administration
- Your future needs
Our team will get to know you, the type of business you operate, the regulatory requirements of your industry, your existing income and level of wealth, your long-term intentions for your business and whether you are building your business for lifestyle or eventual sale.
The benefit to you:
By setting up the correct ownership structures you will benefit from the peace of mind that you are securing your financial future securing your financial future.
Why not let us check if you currently have the correct ownership structures or to help you set up the correct ownership structures – just click here