new business structure

What structure do I need for my New Business?

When starting  a  new business, there are several options on how to structure the business.

Sole Trader - A sole trader is legally responsible for all aspects of the business including any debts and losses and day-to-day business decisions. 

Company - A company is a type of business structure. When you set up a company, you create a legal entity that’s separate from you. 

Partnership - A partnership is a business structure made up of 2 or more people who distribute income or losses between themselves. 

Trust - A trust is a structure where a trustee carries out the business on behalf of the trust's members (or beneficiaries). 

Co-operative - A co-operative is a member-owned business structure with at least five members. 

Joint Venture - A joint venture is an agreement between 2 or more parties to work together for the purpose of completing a specific task or project. 

There are many factors to consider in the structure you choose,  some of these include:

  • The nature of the business
  • Family circumstances.
  • Asset protection. 
  • Succession planning, when you sell a business.
  • Tax planning.
  • What tax registrations are required.
  • How long you intend running the business
  • Most appropriate accounting records system.
  • Superannuation

Each situation is different and there is no one size fits all solution.

Steve Hamilton Chartered Accountant

Looking after clients in Joondalup and the Northern Suburbs of Perth for over 20 years.
Professional accounting expertise, competitive pricing & exceptional service

Find out if Steve Hamilton Chartered Accountant is right for you!

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One of the key decisions you’ll make when starting a business is its structure. Talk to a professional about what is the best structure for your business.

For assistance with setting up your new business or a chat about your financial accounts send through your contact details, (and the best time to call) and we will contact you to see how we can best help you.

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