Business structure advice
When you are starting out in business, we take the guesswork out of choosing and setting up the right business structure.
The different types of business structures you can choose from include:
+ Joint Venture
+ Sole Trader
If you need advice on what business structure is right for your circumstances, get in touch.
Changing your business structure
If you’re a business owner, there are many reasons that you might want to change your business structure. Some of the typical reasons for changing your business structure are:
+ taking on a new business partner.
+ your accountant has advised that there might be tax advantages to switching to a different structure.
+ to support a finance application.
+ to protect your assets.
Whatever the reason, before making the switch, drop us a line for advice on the best structure for your circumstances.
Business setup + more
You are probably wondering what a business setup includes. We can help with things such as applying for an Australian Business Number (ABN), registering for Goods & Services Tax (GST) if applicable, Tax File Number (TFN) and PAYG withholding.
The payroll team can also assist with registering your business with WorkCover and set up the systems for lodging and paying superannuation systems.
+ Sole trader – for when an individual is trading on their own.
+ Partnership – when several people or entities run a business together, but not as a company.
+ Company – when a business is set up as a legal entity separate from the owners.
+ Trust – an entity that holds property or income for the benefit of others.
+ Co-operative – a member-owned business organisation with a minimum of five members.
+ Incorporated association – an entity usually set up for charitable, recreation or cultural purposes.
Source: Business Victoria
Most businesses that are just starting out are unlikely to know the answer to this question. So if you are unsure, it is best to give your accountant a call.
The structure you choose may have implications down the track on how you need to report and prepare your tax and can be quite costly if you get it wrong.
If you need advice, on the best business structure for you, we offer an obligation-free 15 consultation to answer any questions that you may have.
No, if you are confident that you know the correct business structure to choose from, you can go it alone. But be mindful that whichever structure you choose at the start can impact compliance, how much tax you pay and the amount of admin needed.
So, if in doubt, it is best to speak to an accountant that is up-to-date on all the pros and cons of the different business structures.
The Ingrams Accounting process
If you’re ready to have a better relationship with your business’s numbers, get in touch. It doesn’t matter if you are small, medium-sized, a large enterprise, or in between, we can help you no matter how easy or complex your business is.
15 Minute Consultation
We want to know a bit about where your numbers are at, but more than that we want to ask the questions about what makes your business tick and what we can do to make it even greater.
Number Crunching & Reporting
Sure we’ll prepare your tax return and lodge it on your behalf, but more than that we’ll prepare the reports that will inform strategic decisions and get you on track with good number management.
Implementing Processes & Education
After reviewing the number data we move onto the education on how to simplify good numbers towards doing great things for you and your people.