There are different types of business structures are available to choose from. And choosing the right one will allow your venture to reach its full potential.Of course, each one has its advantages and disadvantages. This is why you need to explore all the options precisely before deciding on a particular structure.
Types of Business Structure and Business Structure Advice-
Sole Trader-It is a simple process to run a business. It implies that you are self-employed and enable you to make all the decisions and benefit from all profits.It doesn’t involve much amount of overheads or paperwork to get started. All you just need to
Setting up as a sole trader is relatively simple, as you do not need a significant amount of overheads or paperwork to get started. Indeed, you must only register as self-employed and complete a self-assessment tax form every year. However, your liability for debts is unlimited which means all your personal assets are at risk, should anything go wrong.
Company- Under this business structure format, your asset can be held under its own name. As a separate legal entity, a company can sue and be sued. However, the plus point is that it ensures limited liability for shareholders or owners. As a company, you can sell and pass on ownership easily, be it to a family member or external parties.
Trusts- It is an amazing type when asset protection is required for business or personal assets.It is highly tax-effective as trust income can be virtually circulated to anyone.
No matter which particular structure you want to choose for your business, the decision is all yours. However, without professional Business Structure Advice, it seems critical. Professional service providers have years of experience to handle these structures and ensuring complete client satisfaction. They will handle ABN, GST Registration, PAYG, and Tax File Number and Register your company’s name with ASIC. Also, they can check and change company details: officeholder details, share details, addresses and company name.
All you just need to find a reliable team for Business Structure Advice. In this case, you can visit www.cantoraccounting.com.au
