What Is Structure Advice & Establishment?
Establishing a business can be a daunting task. When choosing to start your own venture, you need to look out for several aspects ranging from production and operations to marketing the final product. However, most amateurs overlook the importance of understanding and implementing the first step of starting your own business – establishing a structure.
In order to operate effectively, you need to opt for a business structure that suits your needs.
Common Types of Business Structures
Sole Trader: In this form of business structure, you and your business are a unified entity. As a result, all the costs and legal responsibilities of your business fall on you, including financial losses and debts. You also enjoy full control over your business.
Partnership: In this form of business structure, two or more than two individuals can develop a group and register their business. Partners are required to share profits and losses. Partners also enjoy full control over the business.
Company: In this form of business structure, you and your business are separate entities. A company entails higher costs and must abide by reporting regulations. There is no sole owner of a company, rather, it is operated by directors and shareholders. However, directors of a company are still legally responsible for the company’s activities.
Trust: A trust establishment is a pricey endeavour since there are intricate legal requirements such as a formal deed of operations. The trustee is legally accountable for the functioning of the trust and could vary from individual to organisation.
Why do you Need Structure Advice & Establishment Services From Experts?
Establishing a business structure is crucial for the running of your venture. However, since there are different legal requirements for each structure, it is important to seek advice and consultation from professionals.
We at IJ & EA Accounting Tax Services aim to streamline your business operations. From viability and business structure study to setup, planning, cash flow forecasting and offering tax advice, our experts enable you to establish and operate your business efficiently.