Whether you are starting a new business or have an established business, getting the right financial and business advice is imperative for success.
Starting a new business presents a range of options and challenges. Depending on the business’s size and estimated earnings potential, there are several operating structures to consider. To determine the structure that is the ‘best fit’ for you from a general business and taxation perspective it’s important to have a trusted adviser who can provide appropriate guidance.
Once you have chosen a given structure, an understanding of the compliance environment of that structure is important. For example, a Sole Trader will have more basic reporting requirements than a Trading Trust or Private Company. Companies have ongoing secretarial requirements, whereas Partnerships, Trusts, and Sole Traders have a simpler legal framework.