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Consider business structure

Posted on August 29, 2018 by admin

Creating a new business is an exciting time for any first-time entrepreneur, but it also comes with making big decisions – one of these will be when you must choose which structure your business will take.

Whether you are looking to form say a company or a partnership, it is important to know that there are varying legal and financial requirements that surround each one. Ask yourself which structure will best help your business to grow and flourish?

For instance, many small businesses are set up as a sole trader. A sole trader is one individual who owns the business.

However, choosing the business structure, you will use will predominantly depend on your situation and the structure that best suits your needs and that of your business.

Always look at what is involved with starting up, operating and closing a structure before making your final decision. You can also choose to change your business structure throughout the life of your business.

If you are unsure which structure will best suit your business, it may be helpful to seek professional advice.

maximise your business's value

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Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure.

Sole Proprietorship

Partnership

Company

Trust

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