One of the most important decisions a person will make in setting up a business is...

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Accounting

One of the most important decisions a person will make insetting up a business is to determine the right business structurethat fits the purpose of the business. Enumerate and discuss thevarious business structures available to individuals setting up abusiness in Australia and analyse the advantages and disadvantagesof using each business structure.

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One of the key decisions youll make when starting a business is its structure Your choice of structure will depend on the size and type of business and how you want to run it Each structure may have an impact on key areas such as tax youre liable to pay asset protection and costs to set up There are a number of structures that you can choose from when starting or expanding your business The 4 most common types of business structures in Australia are sole trader the simplest structure gives you full control company more complex limits your liability because its a separate legal entity partnership made up of 2 or more people who distribute income or losses trust where a trustee is responsible for business operations Sole trader A sole trader is the simplest form of business structure and is relatively easy and inexpensive to set up As a sole trader you are legally responsible for all aspects of your business including any debts and losses and daytoday business decisions If you are looking at starting your business as a sole trader consider the following key elements A sole trader business structure is See Answer

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