Business Structure
Business Structure
You will need to decide what type of Business structure to use. There is a sole trader, partnership, company and a trust. There are advantages and disadvantages to all of this to consider. This is a really important decision, so you need to do some “homework” on each option to help you to decide. You will need to consider if you are conducting a business or just have a hobby. If you want to claim business deductions, you must carry on a business. You also need to consider set-up costs, taxation implications, ongoing administration costs and financial liabilities. You should consult your Accountant, Solicitor or Business advisor to discuss your options. Logical Business Solutions can assist you in your decision.