Sufficient asset protection, estate planning and tax planning all stems from having the correct business structure. Not only does your choice of business structure affect the safety of your personal assets and your tax position but it also impacts the continuity of the business upon change of ownership and what registration processes you will need to take.
So what are your options?
- Sole Trader
- Self Managed Super Fund
5 questions to ask when considering your business structure
- What type of business are your operating?
- Does the industry you work in have regulatory requirements?
- What does your income level look like?
- How do you see your business growing?
- Are you building your business for lifestyle or profit?
Every structure has its advantages and disadvantages which needs to be carefully considered before making a final decision. To learn more about business structure, engage with an advisor today by giving us a call on (03) 9583 0550 or scheduling an appointment here: http://www.booknow.so/successag
A basic comparison of the most common business structure
|Can I take out profits from the business?||Yes||No||No|
|Can I employ staff?||Yes||Yes||Yes|
|Is it a requirement to pay myself super?||No||No||Yes|
|Is my legal structure easily changed?||Yes||No||No|
|Tax Planning Opportunities||No||Limited||Limited|
|Ease of Exit||Yes||Yes||No|
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