Guide to Small Business – Structuring and Tax
Deciding to start your own business can be one of the most exhilarating decisions you will make in your lifetime. The foremost important step is making a decision relating to the type of structure you set up - from which you will run your business.
There are typically four types of structures that you can use to run your entity. They are:
The Sole Trader
The Partnership
The Company
The Trust
The sole trader
This is the simplest of all the structures. It basically involves obtaining an ABN under your name or a business name of your choice. In essence, running your business as a sole trader means that you are required to disclose all of the revenue you make from your enterprise, and can claim all of the tax deductions relating to generating that income person...