The options for setting up a business are:
- Sole trader – that is you the individual
- Partnership – of individuals
- Combination of the above.
In today’s competitive and highly-regulated marketplace, making the right decision at the right time is imperative. An effective business structure and planning of your business will assist you to make the right choices when challenges arise.
No one structure suits every business. Business owners have to pick the structure that best meets their needs.
Some important factors to consider, including:
- The potential risks and liabilities of your business
- The formalities and expenses involved in establishing and maintaining the various business structures
- Your income tax situation, and
- Your investment needs.
The right structure depends on who will own your business and what its activities will be.
There has never been a more important time to partner with specialist business accountants such as Liberate who can help and advise you on the accounting, taxation and legal structure for your business.
Call or email us to book in your free consultation where we will listen to your needs and answer your queries.