Business Structuring
It is important to think carefully about how you will structure your business – Whitelaw McDonald will help you understand the different structures and the implications. The 4 most common ways in Australia to structure your business are:
- sole trader – operates the business as an individual and solely legally responsible for the business, including debts and liabilities
- partnership – 2 or more individuals or entities who agree, usually through a partnership agreement, to be in business together. There are 3 types of partnerships:
- general partnership – all partners are equally liable, and liability is unlimited in regards to debts and obligations
- limited partnership – liability of the general partners is limited to the amount of the contribution to the partnership
- incorporated limited partnership – partners have limited liability as long as one of the general partners has unlimited liability
- company – regulated by the Corporations Act 2001 and a separate entity to the members. It has the same rights as a natural person so no one person is liable for debts and obligations
- trust – the trustee holds property or income for beneficiaries.
However you would like to set your business up, our highly skilled team will work with you to make sure you choose the right model for your business, for now and for the future. Call us today to discuss proposed or existing business on (02) 4941 8999 (Newcastle) or (02) 4343 7000 (Central Coast) or Contact Us for an obligation-free consultation.