Choosing the right business structure is a crucial decision when you are starting out with a new enterprise. The business structure you choose is central to asset protection, your taxation liabilities, ongoing costs and the minimisation of any future liabilities. Our accountant will discuss the benefits, pitfalls and responsibilities that go with the various structures – sole trader, partnership, trust or company. There are costs and risks with each legal structure and they are all quite different.
An individual who carries on the business
Two or more people or entities carry on a business together
An entity that is separate from its shareholders
A business structure where a trustee (usually a company) controls all the assets of the business and carries out the business on behalf of the beneficiaries of the trust. The trustee distributes income and makes decision about the business.
Understanding the differences between these structures and choosing what’s best for your business can put you in the most favourable tax and legal position.
Whether business structuring or business restructuring, companies and organisations can rely on the expert advice and direction of the experienced team at Jack Salem & Associates.