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Business Structure – (New Business)

STARTING A NEW BUSINESS

Starting a Business is challenging itself and addition to right structure.

In today’s competitive business environment, your choice of business structure could affect your business’ long term success. The most common structures for small business are:

  • Sole trader
  • Partnership
  • Company
  • Trust

Each structure has important differences in relation to tax liability, personal financial liabilities and set up costs. The legal structure that you choose for your business will affect:

  • Who legally owns your business
  • The legal responsibilities and rights of the owner/s.
  • How effectively your structure will protect you from liabilities and legal actions.
  • The types and amount of tax that the owners and the business are liable to pay.
  • A number of other business issues such as how regulated your business activities will be, and how profits can be distributed.

For specific advice about choosing the best structure for your business, please do not hesitate to contact us for an initial 1 hour obligation free advice.