Choosing the right business structure is a critical step when setting up a business. As an example, the most common types of business structures in Australia are:
- Sole trader
- Company
- Partnership
- Trust
Far too many businesses neglect to create a proper business structure, despite it impacting on how much you pay in taxes, the amount of paperwork your business is required to do, personal liability and how much freedom you have in running your business. You’ll need to look at the advantages and disadvantages of each different business structure and work out which structure best suits your needs.
