Business start-ups and structures
Choosing your business structure is an important decision and Ashraf Bishay Accounting can advise on the best structure for your business. There are four main business structures commonly used by small businesses in Australia. They are:
- Sole trader: an individual operating as the sole person legally responsible for all aspects of the business. Like other structures, as a sole trader you can employ people to help you run your business. The structure is inexpensive to set up because there are few legal and tax formalities.
- Partnership: an association of people or entities running a business together, but not as a company. A partnership is relatively inexpensive to set up and operate. Partners are legally responsible.
- Company: a legal entity separate from its shareholders. It is a complex business structure, with set-up and administrative costs that are usually higher than for other business structures.
- Trust: an entity that holds property or income for the benefit of others. Trusts require a formal trust deed that outlines how the trust operates, require the trustee to undertake formal yearly administrative tasks and if you operate your business as a trust, the trustee is legally responsible for its operations. A trustee of a trust can be a company, providing some asset protection.
Companies and Trusts are more complicated business structures but they have their advantages and Ashraf Bishay can discuss these with you.
We can also assist with:
- ASIC Annual Returns;
- Register Office Service;
- Company, Trust and Self-Managed Superannuation Fund establishment;
- All documentation needed to notify ASIC of changes;
- Company change of names;
- Company and trust registers and records maintenance;
- Business name registrations and renewals;
- Lodging of financial reports with ASIC;
- Change of details and addresses of officeholders/shareholders;
- Company secretary service; and
- Trust Deed variations and updates.
At Ashraf Bishay, we will provide the time and expertise needed to help you complete all your corporate services & compliance needs.
Contact us today to discuss how we can work together: 02 9687 9061 or admin@abaccountingservices.com.au
