Our experienced lawyers can give you practical advice on what business structure will best suit your current situation, and how it can adapt to manage future development. We will work to ensure the chosen structure maximises the potential and enterprise value of your business.
As there are many different forms of businesses, there are also various ways to structure a business. Our experienced lawyers can advise you on the best business structure to suit your current commercial needs. We will also design a strategy to help you transition between structures as your business develops. We will assist you in relation to company registration, incorporation, shareholder agreements and taxation implications, making the process of setting up your business structure smooth and simple. Our lawyers will have a practical discussion with you to outline the operations and vision of your business, and help determine which business structure will be most appropriate for you. If you wish to manage a business independently, operating as a sole trader will be the simplest and best option. As a sole trader you are the sole business owner, and you trade in your own name. As such, the ATO will count your revenue, and liabilities will be attached to your individual name. If you engage in a partnership, you will have two or more people with a shared view of making profit.
In this case, all responsibilities and liabilities are shared amongst partners according to the partnership agreement. In a partnership you will typically need to register a business name. A company is a separate legal entity, so it will have its own assets and liabilities. A company’s operations are controlled by its directors, and it is owned by shareholders. All companies need to be registered through ASIC (the Australian Securities and Investments Commission), and profits earned are taxed at the company tax rate (currently 30%). In some cases, it may be best to structure your business as a trust. A trust is a business structure in which a trustee operates the business. This trustee is responsible for holding income, property or assets for a group of beneficiaries. The principal aim of a trust is to reduce personal liability. Yearly administrative tasks are required, as is a formal deed, which can be quite expensive. No matter what your plans are, and what the specific details of your business, our lawyers will help you adapt to the most suitable business structure, enabling you to achieve your goals and objectives.