Business structure is more than just tax
Operating a business can be extremely rewarding, but it can also be risky. One of the fundamental aspects of owning a business is ensuring your personal assets are protected from misfortune. Minimising exposure to risk means paying attention to business structure.
Some businesses operate in a high-risk industries – for example, asbestos removal. Others operate in a high-risk environment – for example, restaurants and food preparation businesses. And, many external factors can expose a business to risk – for example, when a customer goes bankrupt. These situations can put a great deal of pressure on your business. Some businesses are sued, and some go broke as a result of exposure to risk.
Containing the damage to only one part of your life is a fundamental aspect of operating a business. Having the right business structure (and good insurance) in place means your personal assets are more protected than if you were operating as a sole trader.
There are a few key business structures that are used in Australia, and each has their pros and cons. Talking to your accountant will help you, as a business owner, to understand what the best structure is for your situation.
BJT Business Advisors can support you to get your structure right, to minimise the potential impact of the risks.
Better Business, Better Life with BJT Business Advisors
BJT Business Advisors is based in Berwick. We love working with businesses and family groups all over Australia. Our empathy, along with the experience and expertise, mean our clients are well looked after now and for the future.
Read more about our services here or get in touch with BJT Business Advisors on 03 9709 2600 today to discuss your business structure requirements.