You’ll be inundated with copious amounts of paperwork, accounting requirements and financial jargon, when starting your own business (no matter the size). The last thing you want to deal with is the financial pitfalls that can occur in the early stages of a start-up, since you’ll be busy navigating the unfamiliar terrain of a new business venture.
Identifying and implementing the right business structure is paramount to defining how your business will function within its industry. This will greatly influence your strengths, operations, weaknesses and requirements – whether you fall under the category of a sole trader, partnership, company, trust or cooperative.
Allow us to help you hit the ground running
As part of our holistic approach, we strive to provide feasible solutions that address the unique needs of each client. This allows us to give you the most valuable advice for your particular situation, to streamline your operating processes. Our accounting specialists can sit down and guide you through every step. We highlight the advantages and disadvantages of each structure and evaluate your proposed business model, before suggesting the best course of action.
This is a relatively inexpensive business structure, that’s easiest to set up. A sole trader maintains complete control over their business, getting taxed as individuals. There are fewer reporting requirements and any incurred losses can be offset against other forms of earned income. However, you’re also up for unlimited liability, which means that all your personal assets are at risk, should anything go wrong.
Under a company business structure, an asset can be held under its own name, as opposed to an individual’s name. As a separate legal entity, a company can 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 (within the family or to external parties).
Our Company Formation services include:
- Offering advice on how to decide on the most suitable business structure
- Obtaining ABN, GST Registration, PAYG and Tax File Number
- Registering your company’s name with ASIC
- Assisting companies to check and change company details: officeholder details, share details, addresses and company name
“Discretionary Trust” structure is excellent when asset protection is required for business or personal assets. Discretionary Trusts are highly tax effective as trust income can be virtually distributed to anyone
For more information on the different types of business structures, book a no obligation free consultation with our experts by calling 02 9411 1134.