Business Structure Advice
Choose the Right Business Structure for Your Needs
When it comes to starting up your own business, no matter the size, you will be inundated with copious amounts of paperwork, accounting requirements and financial jargon to decipher. Already navigating the many obstacles that come with any new business venture, the last thing you want to add is financial pitfalls that can occur in the early stages of a start-up.
Identifying and implementing the right business structure is paramount to defining how your business will function within its industry. Whether you fall under the category of a sole trader, a partnership, company, trust or cooperative, will greatly influence operations, your strengths, weaknesses and requirements.
Allow us to help you hit the ground running
We aim to take a holistic approach with all of our clients that addresses their unique needs and provides the most feasible solution. Our tailored approach allows us to provide you with the most valuable advice and informed suggestions, which you can implement to streamline your business’s operating processes. Our accounting specialists can sit down with you and guide you through every step of the process. We can highlight the advantages and disadvantages of each structure and evaluate your proposed business model to suggest your next course of action.
This business structure is the easiest to setup and is relatively inexpensive. A sole trader maintains complete control over their business and are taxed as individuals. There are fewer reporting requirements with this structure, and any incurred losses can be offset against other forms of earned income. However, you are also up for unlimited liability, which means if things go wrong, all of your personal assets are at risk.
A company business structure means that assets can be held under its own name, as opposed to any one individual. It becomes a separate legal entity and can also sue, and be sued. One of the many advantages of this structure is the limited liability for shareholders or owners. A company is also easy to sell and pass on ownership, whether within the family or out.
For more information on the different types of business structures and which one suits your needs, book a consultation with the experts by calling 02 9411 1134.