13 Oct Choosing the right business structure | Progressing Your Practice
Sole Trader, Partnership, Trust or Company. What’s the right Australian business structure for you? This might be one of the most critical business decisions you make – so getting it right is important.
Whether you’re a first-time entrepreneur or a seasoned business owner, selecting the right structure for your business can be challenging. There are multiple options, all with different pros and cons. Far too many business owners just skip this important decision altogether, effectively merging their personal and business interests and leaving themselves at risk. If you’re serious about going into business, then you need to get serious about properly structuring it.
When choosing the right business structure, here are the 4 most important criteria to consider:
- Your personal liability exposure from your business products or services
- Whether you have (or plan to have) partners or investors in the business
- The administrative costs of setting up and maintaining your business structure
- The tax effectiveness of the business structure
These are Legal123’s views of the pros and cons of different business structures – from a legal perspective. But before making a final decision, you should also check with your accountant – to understand the tax benefits of each structure for you.
Here is what Legal 123 Director, Vanessa Emilio will be presenting ‘Progressing Your Practice’
- Testimonials and reviews: what you need to know
- Affiliate marketing: what is this and how can your business benefit? Offering affiliate services to grow your business and gives you the opportunity to offer additional complimentary services
- Getting Found: How to work Google Local so people can find you
- Taking on partners or investors: what do you need to do to set your business up, are your assets in one entity; can you show ownership of assets