Moving into Business: Start Up Business Hoppers Crossing and Surrounds
Author │ Diluk Kalupahana – MAS Tax Accountants Point Cook
Starting a new business is a big milestone and an exciting time in life. It can create the opportunity to present your product, services and skills to the marketplace, and turn an idea into reality. There are a lot different aspects and business options to consider, depending on your profession, trade or industry. Our Start Up Business Hoppers Crossing services will help you to navigate your business structure options, tax implications, legalities and ownership controls. As well as assist you to register for your ABN, TFN and related accounts.
There are three popular methods of moving into the business market, including (1) the acquisition of an existing business, (2) buying into a business that is in trade, or (3) starting a new business. However you choose in enter the market, maintaining a successful and sustainable business will require proper planning, knowledge about the existing market environment, and business and tax laws. Here are the primary factors to consider when embarking on a Start Up Business Hoppers Crossing and surrounds.
Selecting a Business Structure
So you’re going to start a business, but which business structure is best for you? The most common structures include:
- Sole trader
- Partnership
- Proprietary company
- Trust
Your Accountant can help you to decide which structure fits your business situation, by evaluating your current position, business plan and related legalities.
Legalities and Management
The applicable laws and management styles will differ between business structures. Before selecting your structure, you should consider the below factors with the guidance of your Accountant.
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Legal Liability
Compared to a Sole Trader and Partnership, a Proprietary Company is a separate legal entity.
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Tax Implications
The tax concessions, profit distributions and tax rate applicable are different between each of the structures. Even if your business is profitable, you may need to pay more tax than is required if the appropriate structure is not selected.
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Ownership Flexibility and Control
This includes the flexibility required when making important business decision and the overall management of the business. If you want the ability to make sole and quick decisions, not all of these structures may be suitable you for.
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Future Expectations and Needs
Life can change and everyone retires eventually, so your business structure will play an important role when you decide to close or sell your business. This could include the wind-up process, the options for selling the business or running the business under management.
Make sure that you have the right information when embarking on your next business venture and give your business the chance to be a success. Our Start Up Business Hoppers Crossing and surrounds services can help you to manage your business transitions and ongoing responsibilities with efficiency and ease.
Learn more about our Point Cook office, including the Tax, Accounting, Business and SMSF services that we provide.
Principal Accountant, Diluk Kalupahana CPA
For more information or to make an appointment with our expert Business Accountant, please contact us below or call us on (03) 8742 7286
