Small business accounting structures
This week I thought we’d take a look at structures and foundations from a small business accounting perspective. Just as any house is only as good as its foundations and the ground it is built on, your small business should be established with your long term goals at the forefront of the process. It is far too easy to go for the easiest or cheapest option to get the business up and running, and worry about the consequences later on.
These consequences must not be ignored. We have personally seen small business owners that are now literally paying the price for going with the wrong legal structure, either by not seeking any advice or being poorly advised. There are many different legal structures that can be tailored to suit your personal circumstances and goals and only your small business accountant can advise you on the best fit for you and your business. So before you go ahead and purchase or establish that exciting new business venture always take the time to ask your accountant what the best structure is for you and your business, whether that be a partnership, company, trust or a combination of entities.
Whether you're based in Sydney or Timbuktu, it's time to ask your small business accountant some of these vital questions.