Having your business structure set up correctly can assist you with protecting your personal assets and making your business more profitable and can even save on tax.
The four most common types of business structures in Australia are:
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. This is the least expensive way to structure your business.
A legal entity separate from its shareholders. The differences between a sole trader and a company are evident when it comes to tax, potential personal liability and legal obligations when employing other people.
An association of people or entities running a business together but not as a company.
An entity that holds property or income for the benefit of others.
Whether you are starting a new business, buying a business or already own a business and you aren’t sure about which structure is right for you, we can help. Contact Alida Karro at Bancroft Lawyers on 1300 784 156 or email us at firstname.lastname@example.org to discuss. http://gty.im/740521213