Business Structure Advice
Which is the best type of business structure for you?
Starting a business can involve a sometimes overwhelming number of decisions, all seemingly crucial. Deciding which structure to use when setting up your business can have long-term effects on tax, asset protection, and costs. Bottom Line Control accountants can offer professional advice customised for your specific business to ensure you’re off to the best start.
Need help on how best to set up your business?
At some point in every business venture you will come across a need for guidance. This is where Bottom Line Control can help. Our team of professionals can help you to get your business structure right from the beginning.Need Advice?
Choosing a business structure
Business owners and sophisticated investors are all unique, which is why it’s important to have a tailor-made business or investment structure to suit your individual circumstances.
When setting up as a sole trader, company, trust, partnership, or superfund consideration needs to be given to asset protection, effective taxation outcomes, ownership, control and who will receive the income and capital.
Types of business structures in Australia
What is a sole trader?
A sole trader is an individual running a business, that person is the owner, controller and manager of the business. The individual is solely responsible for the business, financially and legally.
What is a company?
A company is a legal entity run by directors and owned by shareholders, with higher setup and administration costs and additional reporting requirements. A company is a separate legal entity.
What is a partnership?
A partnership is a group or association of people who carry on a business and distribute income or losses between themselves.
What is a trust?
A trust is an obligation imposed on a person or other entity to hold property for the benefit of beneficiaries. A trustee is responsible for managing the trust including registering the trust, lodging and paying tax.
Not sure which one is right for your medium to small business structure? Speak to our team for expert advice today.
Currently running a business?
Already set up and wondering if your current structure is ideal as the business grows? Our team can provide practical options for changing the structure of your business, or if it’s needed at all. Alternatively, there may be other adjustments you can make to ensure your business is working the best way possible.
Business advice Sunshine Coast
We pride ourselves on our ability to consider our client's particular circumstances and provide advice on the most efficient and effective structure for their needs. Contact our team on 5471 7077 or complete appointment request form today.
If you need advice in a hurry, we can generally set up a company, trust or partnerships, including registrations, within 24 hours.
Find out more about choosing a business structure on the Australian Taxation Office website - ato.gov.au
More information on registering a company on the Australian Securities and Investments Commission (ASIC) website - asic.gov.au plus details on the difference between a sole trader and a company - business.gov.au