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Ballarat Accountants | Ballarat Bookkeepers | Sunbury Accountants | Sunbury Bookkeepers | Gisborne Accountants | Gisborne Bookkeepers

Before you choose the business structure for your business,
you have to consider the type and size of your business. You need to think of
your personal circumstances and how much you want to grow the business. It’s
best to choose the right business structure from the get-go even if you can
change it as your circumstances change or your business grows. What is the best
business structure for you? Sole trader, partnership, family or corporate trust
or company? 

Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

A company is a separate legal entity that can sue, be sued and incur debt. You can form a private company otherwise known as proprietary or a public entity. The owners or company shareholders have limited personal liability and are not generally responsible for the debts of the company. The company business structure can be complex and can come with high set-up and reporting costs.

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A registered company has at least one director and a company secretary unless it is a private company. The director is the one responsible for managing the business activities of the company. An entity must also be incorporated under the Corporations Act 2001 to be a company and must be registered with the Australian Securities and Investment Commission (ASIC).

One of the advantages of a company business structure is the limited liability of shareholders. It is a well accepted and understood structure that can raise significant capital. Companies can indefinitely carry forward losses and offset against future profit. They are also easy to sell and pass ownership of. Company profits can be paid to shareholders as dividends or reinvested in the company. However, companies can come with high set-up and maintenance costs and owners don’t retain full control and may be required to submit complex reports. Companies also cannot distribute losses to shareholders.

A company’s tax requirements are different from other business structures. It pays income tax on its profits at the company tax rate and tax is paid on all profits as there’s no tax-free threshold for them. Company directors and officers are legally obliged to perform their duties and manage company affairs under the Corporations Act 2001.

Business Accountants Ballarat

As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

PS. Here are two other ways we help business owners grow their business:

1. Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)

2. If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here

 

Email Address: info@skyacc.com.au

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Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia

Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

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Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429,
Australia

Gisborne Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Gisborne Victoria 3437

Phone: 1300 328 855
Phone: 03 97444522

 

 

 

 

Disclaimer

Contact Us

1300 328 855

902 Howitt Street, Wendouree, VIC

info@skyacc.com.au

1300 328 855

45 Hamilton Street,
Gisborne VIC

info@skyacc.com.au