No matter what stage your business is in or the type of business you operate, it is critical to have the right business structure in place for many reasons, including to safeguard your personal and business assets, minimise risk and tax implications and optimise returns. Each business structure has its own benefits and risks as well as criteria and regulatory requirements, which should be considered before adopting a business structure that is ideal for your business and personal needs.
Sole traders and partnerships
The more simple and less complex business structures are sole trader and partnership structures. They are generally quite easy and inexpensive to set up and maintain. While a sole trader structure involves an individual operating the business in their own name with unlimited liability, a partnership structure is between two or more parties and can be structured as a general, limited or incorporated limited partnership. Other than an incorporated limited partnership, each partner under a general or limited partnership is jointly liable with the other partners. [...]
