When starting a business, choosing the right business structure is extremely important. There are many factors that can drive your decision, including the number of people that will be involved in the business, as well as the type of business you will operate and how much your approximate income will be. This is why you can benefit from experienced business lawyers in Melbourne, who can assist you with choosing the best business structure for your start-up.
Business Types in Australia
There are various business types in Australia including:
- sole trader
- partnership
- trust
- company
Each of these has its own benefits and drawbacks, depending on your specific needs and the type of business you want to operate. A sole trader means you will have all the control and keep all the profit, while a partnership is owned by two or more partners and income is received jointly. A trust involves a person or company running the business as the trustee, while a company is a legal entity trading in its own right.
Parke Lawyers are Accredited Specialist Business Lawyers who can assist you with the important decision of what business type to choose for your start-up, as well as explain the benefits of each of these so that you make an informed decision.
If you are thinking of starting a business or considering the restructuring of your existing business, we recommend you seek expert legal advice before deciding on a specific business structure. As leading business lawyers in Melbourne, Parke Lawyers specialises in providing strategic, considered legal advice to businesses and provide the legal support needed to drive success.
At Parke Lawyers, we address all your business structure questions and provide the right legal advice for your business. No standard solution suits every business, which is why we offer a personalised approach to all our business clients.
