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Business Structure

When setting up a new business one of the critical decisions that must be made relates to the structure of the business.The options are:· Sole Trader· Partnership· Joint Venture· Limited Partnership· Trust· Company

Most people going into a new business or making changes to an existing activity that earns some money on the side (which is possibly just a hobby and therefore not taxable) will be frustrated by the answer from a professional to the question “Which structure is best for me?”The answer must be……”that depends”.

Tax considerations are important, but depending on the type of the business, expected profitability and family circumstances, these considerations could easily be overwhelmed by other more important issues.

The most recurring myth that I have had to reject repeatedly to dozens of clients over the last 30 years or so,is that establishment of a company means that you can claim a multitude of extra tax deductions.The basic rules of tax deductability apply equally to ALL taxpaying entities.