So you are ready to start your dream and open your own business. Parker Law QLD can help you negotiate the legal issues relating to you starting your own business and offer you practical advice to make the whole process as smooth as possible.
It is important to choose a structure that best suits your needs, to own and operate the business. This may be a company, a trust or a combination of the two. Lawyers can provide you advice on asset protection but your accountant can provide you taxation and financial advice on the structure options.
You can then make a fully informed choice. It is better to choose the correct structure at the start, rather than having to restructure in the future. Otherwise, it is likely to trigger transfer duty based on the value of your business when you restructure and you would need to open a new business account and potentially obtain the consent of third parties to do so.
For example, you would require the consent of your landlord to transfer your lease to the new entity. You would also need to refinance any loans. All this can be avoided by obtaining the appropriate advice before you commence trading.