Why is the right business structure so important?
It is paramount to have the correct structuring in place in order to effectively build your wealth or grow your business. Ensuring the correct set-up for your business and financial assets is key to building a solid foundation for your future. Your structure should balance your short and long term objectives, succession plans, prevailing taxation laws and likely future developments, regulatory considerations and business risk.
To help avoid future heartache or possible financial burden down the track, the right business structure can ensure your business continues to operate uninterrupted and with any luck, flourish in the years to come.
Matters to consider:
- Does your structure protect your personal and business assets?
- Does your structure comply with the relevant tax laws and maximise any potential tax opportunities that exist?
Whether running a small business, passively investing or starting your own Self-Managed Super Fund (SMSF), there are different ways to utilise different structures to not only protect your financial assets, but also grow your wealth and build capital.
What to do next.
As always, it is best to seek financial advice when looking to implement or change any structure related. BLG Business Advisers can provide the most up-to-date business advisory and tax advice to make sure you get the best out of your business and financial situation.
If you are in doubt or would like some useful advice please get in touch with us.