Understanding Business Structures in Australia

Choosing the right business structure in Australia is a big step toward running a successful business. Each structure has its own rules, costs, and responsibilities. Sole traders are simple and low cost to set up but you are personally liable for debts. Partnerships let two or more people share control, profits, and risks. A company is a separate legal entity with stricter reporting and tax requirements but limits your personal liability. Then there is a trust, which can offer tax benefits and asset protection, but it is more complex. Your choice affects your taxes, paperwork, and future growth, so take time to consider what suits your goals. Getting professional advice early can help you make the best decision for your situation.

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