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Small Business Tax Planning: All you need to know from start-up to retirement by Russell Cockburn

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1. Business Structure – Choices and Tax Implications

On business structure

Many businesses do not give much consideration to their structure at the start-up stage. This is a mistake. The structure chosen at the outset will largely determine how and when the first, and all subsequent, tax bills arise, what tax planning techniques can be brought to bear and what opportunities there are for mitigating tax liabilities. The business structure can be changed later on but that can be a lot more expensive than getting it right from the outset.

Selecting the right business entity

Take some time to consider what business structure will be right for your venture before you begin. The choice might appear obvious but sometimes making the wrong decision ...

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