Before you start a business or buy a business or even if you have been operating a business for some time it is important to properly consider the business structure which best suits your needs. There are many structures which you can use including sole trader, partnership, company, trust, joint venture or franchise.
Clelands can advise you on the best structure to achieve your aims with respect to:
- Asset protection - that is to ensure that your "non-business assets" are adequately protected from any claims by your business creditors
- Tax effectiveness - to ensure that the structure utilised by you does not give rise to any unnecessary tax liability, and
- Ease of operation
As your business grows and evolves your needs may change. Clelands can advise you on the benefits of any further changes to your existing business structure.
Establishing a Business
Before starting a new business there are many issues to consider. Clelands can help you negotiate your way through a potential minefield of issues including:
- Approvals - will you require council, planning or other approval
- Business Plan - do you have or need a business plan
- Insurance - What, if any, insurances do you have in place and what, if any, additional insurances will you require
- Licensing - Are you required to licence the operation of your business? Many businesses involved in transportation, dangerous substances, liquor sales, motor vehicle sales, food enterprises and other areas require a licence to operate
- Taxation - Are you aware of your obligations with respect to taxation reporting and the potential taxation liabilities which may attach to your business structure?
- Trading Name - Do you have a trading name and is is properly protected? If it is not properly protected is it best protected by registering it as a business name, a company name or trade mark?
Clelands can answer these and many other questions before you set up in business. Planning the start of your business with our help could make all the difference to the success of your business.