100% Locally Owned, Independent and Free

100% Locally Owned, Independent and Free

B2B column: Understanding business structures

Sponsored Content

Do you have a news tip? Click here to send to our news team.

Photo of the day: rise and shine

"So lovely to see the sun. Lots of fishing boats out and about." Penny Robertson snapped this photo from the Castaways Beach carpark. If you More

Champions crowned on wild weekend at The Aussies

The Australian Surf Life Saving Championships came to a thrilling conclusion at Maroochydore during the weekend, when the best athletes came to the fore More

Foodie festival line-up promises to tantalise tastebuds

The program for the Sunshine Coast’s premier food and drink festival has been revealed, with a riverside showcase of beers and spirits among the More

Sami Muirhead: fond memories of the 1990s

Natalie Imbruglia and I go way back. Many of us loved her when she played Beth Brennan in TV soap opera Neighbours. That was in 1992 More.

‘Huge mess’: jewellery store targeted by ram raid

A century-old Coast jewellers has praised the community for its support after the business was targeted by an early morning ram raid. K. Smith and More

Your say: highway upgrade, bank relocation and more

Do you have an opinion to share? Submit a Letter to the Editor at Sunshine Coast News via news@sunshinecoastnews.com.au. You must include your name More

Your initial choice of business structure is crucial, although you can change that structure in the future.

However, changing your business structure can be a disorganised, confusing process that can lead to tax consequences. So, getting it right at the start and always reviewing your current circumstances is critical.

Your business structure can determine your:

  • tax liabilities;
  • responsibilities as a business owner;
  • potential personal liability;
  • asset protection; and
  • ongoing costs and the volume of required paperwork.

The most common types of business structures in Australia are: sole trader; company; partnership; and trust.

Deciding on a business structure come down to:

  • the type of business you are going to run;
  • its risk profile;
  • plans for growth;
  • the involvement of others; and
  • how to come to decisions.

Each structure has different upfront and ongoing costs. The way that tax affects the different business structures will also factor into your decision. Ultimately, there is no one-size-fits-all answer when choosing a business structure. The right choice for you will depend on your individual circumstances and objectives.

Check in with your trusted advisers to assist.

Katrina Brennan, Principal, SRJ Walker Wayland Business Growth Advisors, Accountants and Auditors, Level 2/2 Innovation Parkway, Birtinya, 5301 9957, srjww.com.au

This column is part of our Business 2 Business (B2B) series featuring industry leaders sharing their expertise. For more great articles, SUBSCRIBE to our FREE news feed, direct to your inbox daily. All you need to do is enter your name and email below.

[scn_go_back_button] Return Home

Subscribe to SCN’s daily news email

This field is for validation purposes and should be left unchanged.