Choosing a business structure is one of the key decisions to make when starting a business. Most people choose the structure with the lowest set-up ‘hassle’ and cost, for obvious reasons.
It is important to realise that you are not locked into your current business structure for life. As your business grows and changes, your opportunities and risks also change. Revisiting your business structure can provide greater asset protection and give you greater flexibility for distribution of profits.
Thinking of changing your structure…
When considering making changes it is important to:
- understand the key differences between alternative structures
- consider the broader impact of any changes, such as impacts to estate planning
- seek advice from professional advisers, such as accountants and solicitors
- make a plan to implement the changes
Different structure options
There are advantages and disadvantages to each of the structure options.
Changes to your business structure don’t just impact you. Your employees, customers and suppliers are all impacted by the change.
What’s important is to ensure the structure you choose is the most relevant to you and your business now, and into the future.
What to do next
Getting the right advice will give you piece of mind that your business structure meets your needs today and into the future. BLG Business Advisers can provide up-to-date business advisory and tax advice to assist you make the best decision for you and your business.
Is your business structure right for you? BLG Business Advisers can provide specialised advice about managing your individual situation to avoid unforeseen difficulties. Get in touch with us online or by calling (02) 4229 2211 to find out more.