When setting up a business one of the most important questions you need to ask is, how do I set up my business structure to make it tax effective and importantly legally compliant? It is imperative to get the structure set up correctly in the beginning as retrospectively trying to change it can be very costly and may not be legal. The thought of breaching any of ASIC’s or the ATO’s statutory regulations puts fear into most business owners’ minds. Worse still, being fined for something you are not aware of. Unfortunately, ignorance is not a defence when it comes to dealing with these two regulatory bodies. To try and eliminate possible problems arising, build your business on a solid foundation and get it set up properly. So, how do you set up your business structure correctly?
What are the options?
There are many options when it comes to setting up a business, Sole-Trader, Proprietary Limited Company, Partnership, a Trust Company like a Discretionary Trust. The list goes on, but how would you know what is going to suit your business?
Firstly, you need to establish what type of business you see yourself running. Below are a few questions so you can start thinking about this in a little more detail:
- How big is my business going to be?
- Am I going to employ other people?
- Am I going to be in partnership with someone?
- Am I buying an existing business?
- Do I have Intellectual Property to protect?
- Will my Family be part of the business?
- Am I going to Franchise the business?
- Am I building the business to sell it?
- Do I want shareholders?
- Am I going to have more than one business?
Secondly, you need to set it up. It needs to be registered with the relevant regulatory bodies. This can be daunting if you do not know what you are doing, therefore you need to choose Business Structure Services that are qualified and competent to achieve your goals.
The easiest and simplest way to start is talk to us first.
We can discuss your needs and aspirations and tailor the solution which will suit you and what you want to achieve. At The Tax Avenue we can take the stress out of setting up the right structure for your business. We can also register it and ensure that it is compliant.
If you are looking for Business Structure Services in Sydney, call us today to see how we can help you!
Call us on 02 8608 5002
