So you’re looking to get started with a business, or maybe you are already underway – congratulations (you’ve already made it further than most). Are you a sole trader? Do you have a trust? Maybe you want to start a company? Or a partnership?
No idea what the difference is? No worries!
I'm going to do my best to squish my years of study into one blog to help you understand the difference between the "structures" available to you. For more info, check out my online tax course which goes through this in much more depth. N
Here's a little table summarising what each structure offers:
What do I mean by these terms?
This really is only the tip of the iceberg, but I hope it helps some of you and gives you a few new key words to Google. Do your "due diligence" as it is a lot easier to start a business then to change it. If you want some help deciding do not hesitate to reach out – I’ll be more than happy to have a chat!
xxx
Lauren
p.s. due diligence is often referred to as simply "DD" and it is the process of research, investigation, double-checking to make sure everything is as it needs to be.
p.p.s. chat to your tax accountant (or me!) if you want to know more or to change your structure
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