Your business structure determines:
Choose the structure that best suits your needs by considering the key features of each structure. You can change your business structure as your business grows and expands but there may be costs involved.
There are four business structures:
The key features of a company include:
The key features of a trust include:
Many government agencies including the ATO, www.business.gov.au, and www.business.qld.gov.au provided further information to help you understand the different business structures.
It may also be useful to obtain professional advice as to whether you are a hobby or a business from a solicitor, an accountant or a business advisor.
Why not make a complementary consultation with me today to go through your business ideas.
Once you have decided on the structure of your business, the next step is to develop your Business Plan. Studies have shown that businesses with formal business plans in place are more successful, irrespective of size or type.
My next post will look at planning your business operations.