Did you realise that the way your business is structured could mean you're paying too much tax?
And what if you are looking to sell your business, are you structured appropriately to achieve a sale?
There are a number of structures that you can choose from when starting or expanding your business. The four main types of business structures commonly used by small businesses are:
- Sole trader: an individual trading on their own
- Partnership: an association of people or entities running a business together, but not as a company
- Trust: an entity that holds property or income for the benefit of others
- Company: a legal entity separate from its shareholders.
Choosing a business structure is an important decision and getting the right advice on the structure that will best suit your business needs is an important step. Talk to one of the MGI Sydney team today for more information.