What structure should I choose for my new venture?
Congratulations if you’re one of the thousands joining the ranks this year of Australia’s 2.1 million-strong small business engine room.
Hopefully you’ve completed your research and there is a viable market for your widget or service, with the potential to make you financially secure.
One of the next essential steps is to determine the structure of your business. The options include operating as a sole trader, as a cog in a partnership or as a company or trust.
What to expect flying solo
Functioning as a sole trader is often the purest form of business structure, as it’s relatively easy and inexpensive to set up. Tony Kabrovski, a chartered accountant from Harrington Advisory, says that many business owners start as sole traders because they don’t want to spend
