Ben Coull discusses choosing a business structure

What is the right legal structure for your business?

Choosing a business structure can be tricky. How you choose to legally structure your business can have many tax, legal and financial implications.

There are four commonly used legal business structures in Australia: sole trader, partnership, company and trust. The advantage and disadvantages of each should be carefully considered before you decide which one is best for you.

Potential implications include:

  • how difficult and expensive the structure is to set up and register
  • ongoing costs and reporting obligations
  • the degree of control you retain as the business owner
  • your potential personal liability and protection of your assets
  • your superannuation requirements
  • how much tax you pay

With many issues to consider we recommend that you seek advice regarding the structure of your business. Our business advisers are happy to talk through the pros and cons with you to make sure that the specific circumstances of your business, as well as your personal and even family circumstances, are given consideration.

The business structure that works for one person or business – however similar – may not be the right business structure for you.

Want to know more?

  • The Tasmania Government website provides a useful table comparing the four main business structures – sole trader, partnership, company and trust. When you meet with one of our advisers we will explore each of these considerations, and more, as they relate to your business and personal circumstances: