Setting up your business structure can have an impact on your business’s success. With the best structure in place early you can save a lot of money, hassle and stress.
Get Some Help
The best thing you can do to structure your business right in the first place is get a suitable professional involved. Consulting your solicitor or accountant can help clarify what is the best structure for your particular business and circumstances.
Advice as to whether your business is better as an incorporated company, usually put in place with a trust, is a wise option given the tax benefits, asset protection and flexibility. We can advise you on this and assist with the set up.
Minimise Your Tax
There are often taxation benefits to operating under a company structure (possibly with a trust). Set up correctly, you can minimise your tax rate by tax free thresholds, offsetting expenses to income and setting up corporate rates. Your business can work smarter through small business concessions and offsetting losses against gains.
What Structure is Best?
Determining the best structure for your business will depend on whether you have more than one owner, are a partnership, trust or sole trader, as well as the type of business you operate, your exposure, financial circumstances and personal circumstances. There are many different ways to start your business. Having a discussion and gaining valuable advice from your professional advisor will help you determine what is best for you.