Know your responsibilities as a business owner
Becoming a business owner can be a very exciting and liberating experience. However, it is also an incredibly busy phase where you will need to handle a lot of time-intensive obligations. There are many new and complex responsibilities, including financial, legal and ethical duties and those that cross over more than one category.
We are able to keep you on top of the financial due diligence associated with these facets of business ownership and more:
- Business structure and registrations
- Employing staff
- Selling goods and services
- Contracts
- Buying and leasing premises
Get the right structure from the start
Getting the right business structure from the start will go a long way to minimise your financial, operational and legal risk. Your business structure affects any number of things, including your tax obligations, asset protection, legal costs and even your customers/clientele.
Business structure is tied to status and credibility, and the right business structure will instill a sense of confidence in your suppliers and customers. We can help you understand what structure is appropriate for your needs/projected scope and can consider both onshore and offshore commercial environments. This ensures that you’re set up properly from the very beginning.
The four most common types of business structures used in Australia are:
- Sole trader
- Partnership
- Company
- Trust
