The most common types of business structures in Australia are:
- sole trader;
- partnership; and
If you are thinking of starting a business, you will need to look at the advantages and disadvantages of each different business structure in order to determine which structure is more appropriate. In that regard, there is no “standard” structure and you need to ensure that the structure of your business best fits your particular situation.
For established businesses it is important to ensure that the business structure you have in place is the most effective structure and is still the most beneficial structure given growth and the market of the business. If a restructure is required, there are a large number of issues that need to be considered, as well as adverse consequences that can flow if a restructure is not undertaken correctly.
Marsdens’ has extensive knowledge of business structures and can provide advice and assistance with business structures and restructures.
A Trust is an arrangement under which a person holds property or assets for the benefit of others. Having a Trust can provide the following benefits:
- To separate the owner of the asset (the beneficiary) and control over that asset (the trustee), e.g. where the beneficiary is under age or suffers from a disability that affects their decision making.
- To provide greater flexibility in tax planning.
- To protect assets.
- To use as a business entity either for investing (for example, to purchase real estate or a share portfolio) or for trading.
Marsdens’ has extensive knowledge and experience with various Trusts and can assist you with any of the following:
- Determining the most appropriate form of Trust for your needs.
- Provide advice in relation to the various forms of Trusts.
- Establishing your Trust, including preparing the Trust Deed.
- Amending your Trust Deed.
- Appointing and removing Trustees of your Trust.
- Transferring assets held by the Trustee of the Trust.