Registering Your Entity
Starting a business is a big undertaking, but it doesn’t have to be overwhelming. At Thompson and Wallace Partners, we can help you with all aspects of entity registration in Australia.
We’ll work with you to determine the best structure for your business and then handle all the paperwork and filing requirements. We’re here to make the process as smooth and stress-free as possible so that you can focus on running your business.
For more complex structures, we can help you register your company or trust, and we’ll also be there to answer any questions you might have about the process.
Contact us today to learn more about how we can help you get started.
How to Choose the right Entity for your Venture
When starting a business in Australia, it’s important to carefully select the right type of business entity. The most common business entities include sole proprietorships, partnerships, companies and trusts. Each type of entity has its own advantages and disadvantages, so it’s important to select the one that best suits your business needs.
A sole proprietorship is the simplest and most common type of business entity. It offers flexibility and control, but you’re also personally liable for all debts and losses incurred by the business.
A partnership is similar to a sole proprietorship, but involves two or more partners. This can offer greater financial resources and expertise, but there’s also the potential for disagreements between partners.
A company is a separate legal entity from its owners, meaning that the owners are not personally liable for the debts and losses of the business. This can offer protection for personal assets, but it also comes with compliance requirements and higher setup costs.
Lastly, a trust is a legal arrangement where property is held by one party (the trustee) for the benefit of another party (the beneficiary). This can be an effective way to manage assets and minimize tax liabilities, but it’s important to choose a reputable and trustworthy trustee.
