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Sole trader A sole trader is the simplest business structure. The structure is inexpensive to set up because there are few legal and tax formalities. If you operate your business as a sole trader, you trade on your own and control and manage the business. You are legally responsible for all aspects of the business – debts and losses cannot be shared.
Partnership For tax purposes, a partnership is an association of people who carry on a business as partners or receive income jointly. A partnership is relatively inexpensive to set up and operate. A formal partnership agreement is common, but not essential. If you operate your business as a partnership, control or management of the business is shared. Income and losses are shared among the partners. Each partner is responsible for the debts of the partnership, even if you did not directly incur or cause the debt.
Company An incorporated company is a distinct legal entity, regulated by the Australian Securities & Investments Commission (ASIC). A company is a complex business structure, with higher set-up costs and administrative costs because of additional reporting requirements.
Trust A trust is an obligation imposed on a person – a trustee – to hold property or assets (such as business assets) for the benefit of others. These others are known as beneficiaries. Setting up a trust can be expensive, as a formal deed is required and there are formal yearly administrative tasks for the trustee to undertake. A trust deed outlines how the trust is to operate.
Liberty Wealth Group can discuss with you the different types of business structures pointing out the advantages and disadvantages of each so that you can make an informed decision for your business.
We can advise of the Tax Implications (Income Tax, FBT and CGT) of each structure but importantly we can also discuss with you the Asset Protection issues related to each structure.
Office Phone:
(07) 3879 7967
Looking To Buy Or
Refinance Your Loan?
Disclaimer: All information is kept secure and will not be shared or sold to any third party.