A business structure is a classification of organization that is legally acknowledged in a given jurisdiction and characterized by the legal definition of that particular category. Some examples of business structures include partnerships, corporations, holding companies, subsidiaries and limited- liability companies.
Certain things you need to know about Business Structures:
- Structuring your business perfectly is an essential step to ensure success in future. If you select a proper structure at the outset, then you will be in a place to focus on growing your business without having the need to manage the restructuring of your business down the track.
- It is simple and cost-effective to frame up as a sole trader.
- A partnership structure should be intelligible if you are going into business with a family member or faithful friend.
- For businesses looking to grow and scale, a company structure is most popular as it is flexible, easy to set-up and cost-effective. Rather than the shareholders, revenue is earned by company so there may be tax benefits of company and limited liability of shareholders.
- If you are looking to reduce personal risk and stream income, then trust structure could be a good option. Establishing discretionary/unit trust is not complex and can give a good solution for the right business.
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We at Commercial Lawyers Perth, deliver full range of commercial law services. Our commercial law lawyers Perth are experienced in advising clients with respect to the suitability of business structures for client’s requirements, including:
- protection from legal liability;
- control and management of operations and financial affairs of the business;
- costs of administration and governance of the entity;
- taxation liabilities and benefits of the business including consolidation of group liabilities and available deductions and write-offs;
- distribution of income from business, including the ability to split income between beneficiaries;
- ability to transfer partial/complete ownership of business;
- duties payable on transfer of land and land rich companies;
- succession planning.
For any queries/information regarding business structure, feel free to contact us at Commercial Lawyers Perth. Simply call or email us and leave behind all your worries. We will handle them efficiently to resolve them at earliest. Call now.