Establish A Strong Foundation With Expert Business Setup And Structuring Services

Business structuring involves organising your company in a way that aligns with your goals, complies with legal requirements, and optimises financial performance. The right structure can influence liability, taxation, and operational efficiency.​

Common business structures include:

Sole Proprietorship: Owned and operated by one individual, offering simplicity but with unlimited personal liability.​ 
Partnership: A business owned by two or more individuals sharing profits, losses, and responsibilities.​
Company (Corporation): A separate legal entity providing limited liability protection to its shareholders.​
Trust: An arrangement where a trustee holds assets for the benefit of beneficiaries, often used for asset protection and tax planning.​

Consider factors such as liability protection, tax implications, control, and administrative requirements. For instance, if asset protection is a priority, a company or trust structure might be suitable. It’s advisable to consult with professionals to determine the best fit for your specific situation.​ Reach out to our team today.

Yes, businesses can change structures as they grow or as circumstances change. However, this process can be complex and may have legal and tax implications. It’s essential to seek professional advice before making such changes.​

Different structures have varying tax obligations. For example, companies may face corporate tax rates, while sole proprietors report business income on personal tax returns. Proper structuring can lead to tax efficiencies and compliance with regulations.​

While it’s possible to establish a business structure independently, consulting with legal and financial professionals can ensure that the structure aligns with your goals and complies with all legal requirements.​

At Petros Chartered Accountants, we offer a comprehensive suite of financial services designed to support your business’s growth and compliance needs. In addition to Business Setup and Structuring, our services include bookkeeping, BAS preparation and lodgment, Self-Managed Super Fund (SMSF) services, tax planning and compliance, financial reporting, business advisory services, and cloud-based financial management. These services are designed to complement our Business Structuring and Setup offerings, ensuring a holistic approach to your financial management needs.

Your chosen business structure significantly influences your tax obligations and compliance requirements with the ATO. Each structure—sole trader, partnership, company, or trust—has distinct tax responsibilities and reporting obligations. For example, companies must register for an Australian Business Number (ABN) and may need to register for Goods and Services Tax (GST) if their annual turnover exceeds the threshold. They are also required to lodge Business Activity Statements (BAS) and annual tax returns. It’s crucial to select a structure that aligns with your business goals and ensures compliance with ATO regulations. For personalised advice tailored to your situation, consulting with a registered tax agent is recommended. Contact us today.

Petros Chartered Accountants offers specialised services to support entrepreneurs in setting up their businesses across Australia. Our team provides expert advice on selecting the most suitable business structure, ensuring alignment with your goals and compliance with regulatory requirements. We assist in registering your business, obtaining an ABN, and navigating the complexities of tax obligations.

To register your business in Australia, apply for an Australian Business Number (ABN) through the Australian Business Register (ABR) online portal. This process involves providing details about your business structure, activities, and ownership. Once registered, you’ll receive your ABN, which is necessary for tax and business dealings.

Starting a business in Australia involves several legal obligations, including registering for an Australian Business Number (ABN), selecting an appropriate business structure (such as sole trader, partnership, company, or trust), registering your business name if it differs from your own, obtaining necessary licenses and permits, and understanding your tax obligations. It’s advisable to consult with professionals or refer to official resources to ensure compliance with all legal requirements.

The first step in setting up a business in Australia is to decide on the legal structure that best suits your needs, such as sole trader, partnership, company, or trust. This choice affects your legal obligations, tax responsibilities, and the level of personal liability you face. It’s advisable to consult with a business advisor or legal professional to determine the most appropriate structure for your business. Book a call with our team today.