24 Hours Quick Business Setup
If you're thinking of starting a business, you’ll need to look at the advantages and disadvantages of each different business structure and work out which structure best suits your needs.
The four main business structures commonly used by small businesses in Australia are:
A sole trader business structure is a person trading as the individual legally responsible for all aspects of the business. This includes any debts and losses, which can't be shared with others. This is the simplest, and relatively inexpensive business structure that you can choose when starting a business in Australia. As a sole trader, you’ll generally make all the decisions about starting and running your business, although you can employ people to help you.
A company is a type of business structure. You may consider a company structure when starting or growing your business.
A company is a separate legal entity, unlike a sole trader or a partnership structure.This means the company has the same rights as a natural person and can incur debt, sue and be sued. The company’s owners (the shareholders) can limit their personal liability and are generally not liable for company debts.
A company is a complex business structure, with higher set-up and administrative costs because of additional reporting requirements.You need to register a company with the Australian Securities and Investments Commission (ASIC). Company officers and directors must comply with legal obligations under the Corporations Act 2001.
A partnership is a business structure that involves a number of people who carry on a business together. You may choose a partnership over a sole trader structure for example, if you'll be jointly running the business with another person or a number of people (up to 20). There are two types of partnerships - general and limited. Partnerships are governed by the relevant law depending on your state or territory.
A trust is an obligation imposed on a person - a trustee - to hold property or assets (such as business assets) for the benefit of others, known as beneficiaries.
WSTAX can advise on the most appropriate business structure to suit your individual circumstances so that you can be assured of the best security.
BUSINESS SET UP
ABN,TFN, PAYG and GST registrations
Incorporation of Company, Trust, Partnership and SMSF
ASIC MANAGEMENT
Business Name Registrations, Renewal and Maintenance
Appointment / Resignation Of Directors
Deregistration of Companies
Share Allotments / Share Transfers