How Do I Change My Business Structure?

Business structure changes can improve processes and reorganise governance structures leading to more profits. You can change your business structure at any time. What you need to understand is the reasons for change, and the process you need to undertake to get where you want to be. Clear Tax can help you understand your position.

What’s The Difference Between A Sole Trader And A Company?

Sole traders have vastly different legal, tax, and reporting obligations. To walk you through how sole traders and companies different with regard to your specific situation, get in touch with Clear Tax.

Business Structures

Remain compliant and pay less tax with the right type of business structure.

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Why you need business structure advice?

Structuring your business is one of the most important tax-related steps you can take as a business owner. Having the correct business structure from the beginning can help you scale and give you the tools you need to achieve your business goals.

Business structure advice from Clear Tax can:

Advise you on the possible business structures
Mitigate business risk
Mitigate personal risk
Structure your assets for success

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What is a business structure?

In a nutshell, a business structure is the structure of an organisation recognised by the law for tax purposes. Business structures can be reconfigured to better meet the needs of owners or shareholders

Having the right business structure is important for your future success as a business. It can maximise returns, make your business more profitable and sustainable, and can mitigate legal and financial risk.

If you’re ready to investigate all the options available to your business, get in touch with our business structure experts today.

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What are the types of business structures?

There are several main types of business structures, each of which has different operations.

Sole trader

A sole trader works for themselves, and is legally responsible for all aspects of the business, including tax and superannuation.

Company

A company is legally recognised as separate from the individual, and has different tax and legal obligations.

Partnership

Partnerships extend to two individuals who split income and losses between themselves. State law governs partnerships.

Co-operative

A co-operative is a member-owned business of at least 5 people, and can be for-profit or non-profit organisations.

Indigenous corporation

Indigenous business owners can register as an Indigenous corporation, and have access to a range of additional benefits.

Joint venture

A joint venture is a legal agreement between 2 or more parties undertaking a specific task or project for mutual benefit.

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Why choose Clear Tax for business structures?

Clear Tax offers accurate and impartial support, advice, and services to help you structure your business. We can help you at any stage, from planning a new venture, to restructuring for the future. With our advisory services and strong experience in the field, we can help you grow sustainably while protecting yourself.

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Frequently Asked Questions

About Business Structures

Below are answers to some of the most common questions about business structures our accountants get asked.

How do I change my business structure?
Business structure changes can improve processes and reorganise governance structures leading to more profits. You can change your business structure at any time. What you need to understand is the reasons for change, and the process you need to undertake to get where you want to be. Clear Tax can help you understand your position.
What’s the difference between a sole trader and a company?
Sole traders have vastly different legal, tax, and reporting obligations. To walk you through how sole traders and companies different with regard to your specific situation, get in touch with Clear Tax.

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