What is your business’ legal structure? Which One Would Be The Right One For You?

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.   Companies
3.   Companies Partnerships
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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Contact Vinh direct:

vinh@artshine.com.au , +61 410 636 138

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Vinh Van Lam
the authorVinh Van Lam
Vinh Van Lam, co-founder of ArtSHINE, is a visionary art coach and entrepreneur with a passion for fostering creativity. With a diverse background in art and business, he brings a unique perspective to empower emerging artists, enabling them to thrive in the dynamic art industry through the innovative platform of ArtSHINE.

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