Starting up a business is exciting yet daunting. Reviewing your business structure could be your key to save money on tax at the end of the financial year. As many newly established business, generally start of as a sole trader because it is the simplest and cheapest structure to run, a problem generally arises as your business grows. At this point it might be beneficial to change your business structure. But having an understanding on the different implications with different business structure can be difficult but at ABA we are able to explain each type of structure or combination of structure, outline their advantages and disadvantages in an easy to understand way. Starting up a business is exciting yet daunting.
Reviewing your business structure could be your key to save money on tax at the end of the financial year. As many newly established business, generally start of as a sole trader because it is the simplest and cheapest structure to run, a problem generally arises as your business grows. At this point it might be beneficial to change your business structure. But having an understanding on the different implications with different business structure can be difficult but at ABA we are able to explain each type of structure or combination of structure, outline their advantages and disadvantages in an easy to understand way.
Below are some of the more commonly used business structures:
- Sole trader
- Discretionary Family Trust
- Partnerships/Pty Ltd Partnerships
- Company (Pty Ltd)
- Self Managed Superannuation Fund
- A combination of some of the above
At ABA, we can provide you with a sit down consultation which can benefit your business and you personally.