One of the key decisions you will make when starting a business is the type of structure it will take. Depending on your business situation, there are several ways you can decide to structure your business, and your choice will be influenced by a number of factors like the size and type of business, your personal circumstances and how much you plan to grow the business.
At Kenny Spring, our commercial lawyers can help you to determine the best structure for your business. We take the guesswork out of determining which structure is right for you by helping you identify the key elements of your business and your future plans, whether you are a sole trader, a partnership, corporation or a not-for- profit organisation.
Why business structure is important
Your choice of business structure is important as it will determine how you have to register your business and which laws you have to observe. It is vital that you understand the legal requirements of your business as its structure can determine your:
- Tax liabilities
- Responsibilities as a business owner
- Potential personal liability
- Asset protection
- Ongoing costs and the volume of required paperwork.
Making sure you are operating under the best business structure will help to improve the efficiency and effectiveness of your business. Kenny Spring can provide you with practical advice on the legal and business implications that a particular structure may have on your business.
You should review your business structure
As your business grows or your circumstances change, your business structure may also need to change. We can provide you with ongoing legal guidance and advice to support you in your business journey and ensure the structure of your business meets your long term goals.
For further information on business structure and other aspects of commercial law please call 1800 650 656 to speak with one of our experienced solicitors.