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Business Structures

What are Business Structures?

Business structures are the legal structures or form used by businesses and investors to help them achieve their objectives. The 4 most common and well know business structures are sole traders, partnerships, trusts and companies. These structures are really only a small sample of the business structures that are available. The TaxFitness business structures database, for example, includes over 60 different business structures.

Why is Choosing the Right Business Structure Important?

Choosing the correct business structure is important as the business structure can determine:

  • Your potential personal liability 
  • The licenses you require 
  • How much tax you pay
  • Whether you're considered an employee, or the owner of the business 
  • How much control you have over the business 
  • Ongoing costs and volume of paper work for your business.

Business Structures Database

The business structures database incorporates both the common, and unusual, business structures that are available to business owners and investors. It also explains:

  • What the structure is
  • How the structure works
  • The pros of the structure
  • The cons of the structure
  • How to establish and implement the structure

The business structures database can be used in 4 ways:

  • Individual business structures fact sheets can be printed out and provided to business clients when you annually review their business structure (at their annual tax return preparation interview).
  • The fact sheets can be emailed to clients who are interested in changing their business structure. 
  • As a reference tool for accountants to ensure they establish the ideal business structure for the client’s unique circumstances (not just the most common business structures).  
  • As a marketing tool. For example, an accounting practice could print the SMSF fact sheet poster and provide it to a real estate office to be hung in their lunchroom. This would generate new clients for the practice. 

View the 60 business structures here.

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