Business Structure
The choice of business structure will depend on the type of business, any inherent risks, industry stipulations and personal preferences. It is important to understand the relevance of each type in order to decide the one that is most appropriate to your needs.
The structure you select will affect:
- The financial records and accounts you may need to keep
- Personal liability
- Taxes
- Raising money
- Tax planning
- Management structure and decision making
The Types of Business Structure to consider:
- Sole Trader
- Partnership
- Limited Company – limited by share capital
- Limited Company – for not for profit organisations
- Franchise
- Unincorporated Association
- Other