How to Structure Your Business for Success

HOW TO STRUCTURE YOUR BUSINESS FOR SUCCESS On top of determining day-to-day administration and exposing financial risks, deciding how to shape your business can also be instrumental in helping you grow and thrive in your new venture. BE CLEAR ABOUT YOUR VISION. Make sure that a structure is in place and that you're able to meet with various legal requirements. A good business structure must be: V Strategically thought out V Tailored to individual needs Best for entrepreneurs who are looking to run or manage the business alone. The business's legal personality is derived from the entrepreneur. Involves two or more people, into business together and has a legal personality Adaptable when circumstances change separate from those of the partners. Not a legal entity but often used in running a business for the benefit of others. SOLE TRADER TRUST PARTNERSHIP A simple alternative to establishing a company for small non-profit groups like A separate legal entity, capable of holding assets in its own name - with shareholders, owning the company, and directors, running it. charities and recreational organisations. A member-owned business organization with at least five incorporators, all of whom have equal voting rights. ASSOCIATION COMPANY CORPORATION ASSESS BENEFITS, DRAWBACKS, AND RESPONSIBILITIES. Certain things must be thought through before making that big decision: $$$ Management Requirements Taxation requirements and liabilities Costs Capital Legal liability SEEK PROFESSIONAL ADVICE. Approach an accountant or a business advisor who will: Provide in-depth details on the differences among the legal entities Assist with tax matters, either personal or business Expound on financial riskS Help set up your business structure, as well as any legal documents needed Help plan your money Keen to achieve the ideal business structure for you? Visit www.allianceaccounting.com.au for more information. %24