Are you in the right business structure?
When you start a business in Australia, there a number of structures that it can be set up under. Setting up your business structure requires careful consideration as there will be a number of factors that come into play with taxation, employing people and the amount of paperwork you will need to do.
There are four types of business structures that are commonly used in Australia:
This is an individual operating as the sole person legally responsible for all aspects of the business.
A partnership is an association of people or entities running a business together, but not as a company.
A company is a legal entity separate from its shareholders.
A trust is an entity that holds property or income for the benefit of others.
The type of business structure you start your business under will determine factors such as how much tax you may need to pay, any licenses that may be required, whether you’re considered an employee or the owner of the business and the amount of control you have over the business.
To be sure you are operating under the right business structure, you need to speak with our expert accountants at Plant & Associates 07 5596 5758. Our offices are conveniently located at Beenleigh and on the Gold Coast.
Our team is experienced in dealing with all facets of business structures, business tax and we stay up to date with all tax changes that can impact you so we can minimise your tax obligations and take advantage of any new benefits for you and your business.
At Plant & Associates, we can also prepare and lodge tax returns for all types of entities; sole traders, partnerships, trusts and companies.