Whether you are starting a new business or restructuring an old business our business lawyers can assist and provide quality advice on what structure will work best for you.
Business lawyers provide advice on business structures particularly in relation to asset protection. Accountants typically provide the best tax structure advice.
Start-ups need to consider, from the outset, what type of structure will be the most effective for them to trade in.
There are the following types of business structures
Sole Traders is commonly used for individuals who are working for themselves such as tradesmen. This is a simple structure and works best where there is only one individual self-employed.
Partnerships can be formed automatically when entities or individuals come together in a business relationship with the view to make a profit. As such it is important that if you are in a commercial arrangement with other people or businesses that you have a partnership agreement drawn up to protect you.
Partnership Agreements will outline the details of the relationship such as profit sharing, responsibilities and liabilities and how the relationship can be terminated. Without documenting your partnership, issues such as Intellectual Property, profit sharing and assets can become difficult to navigate if a dispute or problem arises.
A company structure is more regulated and can require more consideration. This can be for such items as who the directors are, office holders and shareholders, the allocation of shares and types of shares.
Company structures provide the individuals running the business with more protection from liabilities than other structures. A company trust structure is commonly used for asset protection for the owners running the business.
Choosing the right option for you when starting a business or even buying a business is crucial. Our business lawyers will help advise you on the best option for your circumstances so that you are well protected in your entrepreneurial venture.
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