Business Structure

Business Structure – What is it to be, Company, Partnership, Trust, or Sole Trader

A business can be structured into several distinct categories: a Company, a Partnership or individual personal ownership.

Each of these entities can have individual owners, co-owners, and Trustee owners, allowing for a variety of ownership styles. The choice of structure depends on individual preferences, as well as considerations for tax implications and creditor protection.

When it comes to creditor protection, a company provides the greatest level of security, while the sole trader and partnership structures are more exposed. In a partnership, the partners can structure their roles, salaries, and profit and loss sharing based on their capital investment in the business. On the other hand, sole traders have sole control over their income, expenses, and day-to-day operations.

At Kelly Flavell Law, we understand the importance of choosing the right business structure for your needs. We are experienced in business law and can collaborate with you and your accountants to create the most suitable structure for your business. With our legal advice and guidance, you can be confident that you will be set up for success.

For any inquiries regarding business structures, companies, partnerships, or any other legal aspects of entrepreneurship, do not hesitate to reach out to us today. We are here to help you navigate the complex world of business law and find the best solutions for your business.