Structuring Your Business for Maximum Gain
In This Chapter
Structuring your business affairs
Setting up as a sole trader
Running a partnership
Becoming a company
Forming a trust
B efore you hang up your ‘Open’ sign in the window, you need to be aware of a number of commercial and taxation issues that are associated with setting up a business in Australia.
In this chapter, I cover the major taxation issues that come into play when you set up a business, particularly the administration concerns that you need to get right in order to comply with Australian income tax law. I guide you through the various steps that are associated with setting up your business and advise where you can get additional help to fulfil all your legal obligations.
Choosing a Business Entity
Before you can start up a business, you need to give serious consideration to how you structure your business affairs. You can legally structure your business in one of four ways: sole trader, company, partnership ...