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Business Structure
Sufficient asset protection, estate planning and tax planning all stems from having the correct business structure. Not only does your choice of business structure affect the safety of your personal assets and your tax position but it also impacts the continuity of the business upon change of ownership and what registration processes you will need to take.
So what are your options?
01
Company
02
Trust
03
Sole Trader
04
Partnership
05
SMSF
5 Questions to Ask When Considering Your Business Structure
01
What type of business are you operating?
02
Does the industry have regulatory requirements?
03
What does your income level look like?
04
How do you see your business growing?
05
Are you building for lifestyle or profit?
Compare business structure
A basic comparison of the most common business structure
Sole Trader
Partnership
Company
Establishment Fees
Low
Medium
High
Complexity
Simple
Moderate
Complex
Asset Protection
No
No
Yes
Can I take out profits from the business?
Yes
No
No
Can I employ staff?
Yes
Yes
Yes
Is it a requirement to pay myself super?
No
No
Yes
Is my legal structure easily changed?
Yes
No
No
Tax Planning Opportunities
No
Limited
Limited
Capital Opportunities
No
No
Yes
Ease of Exit
Yes
Yes
No
Investment
-
-
-