Blog

Structure and the right structure are critical to ensure the best for all concerned. This should reflect your family’s values, decision-making style and strategies for growth. It’s more than just tax matters, it should provide protection, legacy, relationships and control. 

Types of Business structure include: 

• Sole Trader 

• Partnership 

• Company 

• Trust  

Considerations when setting up will depend on your personal circumstances, the type and size of your Business and how much you want to grow or expand the Business, who is involved. Considerations include: 

• Asset protection 

• Any ongoing costs 

• How the entity will be taxed regarding income, capital gains and land tax 

• Control and succession 

• Exit strategy 

• Flexibility to adjust as circumstances change 

Your Business structure determines your: 

• Responsibilities as a Business owner 

• Tax liabilities 

• Asset protection 

• Potential personal liability 

• Ongoing costs and the amount of paperwork required. 

Importantly, speak with a professional Business Advisor about your plans and aspirations. Find out what is needed to set your Business up on solid foundations, with bricks of good governance, professional accounting practices and succession planning. These are all vital building blocks to achieving the best results. 

As part of that first step, contact Blackburn Accounting, your family Business specialist. We help with Forecasting & Budgeting, Accounting Services, Strategic Planning, Software & Process Solutions, and Taxation advice. Let us help you start up your Business and be with you, developing it to achieve the success you desire.