Your
business is a legal structure, therefore it is important that you understand
the business structure that you select for your business. The most common types
of business structures available in Australia include:
1. Sole Proprietor or Sole Trader
2. Partnerships
3. Companies
4. Trusts
Your choice of most appropriate legal form
of organisation for your business will depend upon factors like:
·
The
size of the business
·
The
number of people involved
·
The
type of business
·
The
cost and difficulty of establishment
·
Taxation
considerations-maximum economic rewards
·
Financial
considerations, both present and future
·
Superannuation
considerations
·
Management
control and independence
·
Acceptability
of government interference
·
The
need for additional skills
·
Exposure
to risk / liability of individuals
·
Your
own personal preference
Next week we will discuss about Sole Proprietor or Sole Trader. So stay tuned for next Friday.
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