So you are now ready to set up your small business and call yourself an entrepreneur. Now that you have already prepared your initial capital, your staff and your marketing plan, the next step you need to do is to decide the business structure you are going to use.
The type of legal structure you choose for your company is probably the most important of all the decisions you make when starting a business. The structure you use for your business will decide what kind of taxes and how much in taxes you’ll pay, how you will register it. In addition to those, it will also decide how many people will be in business with you up to the nitty-gritty details of your day-to-day operations.
Choosing the right business structure is just as important as choosing the right product to sell, as this will play a huge part in the administrative side of your business.
There are several options you can choose from for your business structure. As each business form comes with different tax consequences, you have to make your choice smartly. You should choose the structure that most closely matches your company’s needs.
To help you with this decision-making process, check out this guide published by the Government Business Website of Australia: http://www.business.gov.au/business-topics/business-structures-and-types/Pages/default.aspx