Business Start Up
Starting a business doesn’t have to be complicated or confusing. It should be an exciting time. A time where you are planning, creating and ready to live your dreams.
However, to protect yourself, it’s important that you are aware of what’s involved. The Tax Factor can help you get started the right way, right from the beginning.
There are four significant steps to starting a business:
The main business structures to consider are sole trader, partnership, company or trust. Most businesses start as a sole trader and progress to a company structure. A sole trader is an individual operating a business in their own name and is legally responsible for all aspects of the business. A company structure offers a separate legal entity for the business. This entity is legally separate from the owners of the business, whereas a sole trader is one and the same. A partnership is two or more people running the business together, but not using a company structure. A trust is a more complex structure where the trust entity holds property or income for the benefits of others.
When starting up a business, deciding on the best business structure can be overwhelming. The Tax Factor can assist you with this process. Once you have selected the best structure, we can also help with applying for your ABN, registering your business name and domain name.
Start the process today, contact The Tax Factor on 1300 829 322 or complete our online form.