Need help with business structure

Discussion in 'Business Accounting, Tax & Legal' started by HandyAndy888, 15th Jun, 2010.

Join Australia's most dynamic and respected property investment community
  1. HandyAndy888

    HandyAndy888 Member

    Joined:
    1st Jul, 2015
    Posts:
    8
    Location:
    Miles, QLD
    Hello braintrust,

    I am about to start a business and since I want to keep costs minimal, I was wondering if you could help me with a simple question.

    What sort of structure should I set up?

    Here are the details:

    1. Retail shop
    2. Initially employing between 2 and 5 part timers, but this could turn into a hundred or so in quick consession if all goes well, with multiple outlets. :)
    3. My wife and I would be involved.

    So, should I set up the ABN as sole trader, company or partnership???

    Your help appreciated..happy to answer more questions that you may have...
     
  2. BillV

    BillV Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,555
    Location:
    Sydney
    Andy
    How did you go?
    Have you started it?
    what type of shop is it?
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,673
    Location:
    Australia wide

    Def use a company. too risky not to. limited liability.

    Also consider using a different company to operate the business than that which owns it. consider a discretionary trust to own the shares.