What is your business’ legal structure? Which One Would Be The Right One For You?

Your business is a legal structure, therefore it is important that you understand the business structure that you select for your business. The most common types of business structures available in Australia include:
1.   Sole Proprietor or Sole Trader
2.   Partnerships
3.   Companies
4.   Trusts
Your choice of most appropriate legal form of organisation for your business will depend upon factors like:
·    The size of the business
·    The number of people involved
·    The type of business
·    The cost and difficulty of establishment
·    Taxation considerations-maximum economic rewards
·    Financial considerations, both present and future
·    Superannuation considerations
·    Management control and independence
·    Acceptability of government interference
·    The need for additional skills
·    Exposure to risk / liability of individuals
·    Your own personal preference

Next week we will  discuss about Sole Proprietor or Sole Trader. So stay tuned for next Friday.

Vinh Van Lam
the authorVinh Van Lam
Vinh Van Lam, co-founder of ArtSHINE, is a visionary art coach and entrepreneur with a passion for fostering creativity. With a diverse background in art and business, he brings a unique perspective to empower emerging artists, enabling them to thrive in the dynamic art industry through the innovative platform of ArtSHINE.

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