Australia Law
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Answered in 11 minutes by:
7/11/2017
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 36,970
Experience: Family Law, Commercial Law, Property law, Probate & Wills, Employment Law, International Law, Criminal and Traffic Law, Litigation Tribunal & Courts
VerifiedDear customer, your question relates to business structures.
There are various options to setting up a business; sole trader, partnership, company incorporation, joint-venture, and using trust structures.
One of the better ways to set up a business and protect yourself individually at the same time, is through a company structure. This is where a company is incorporated, as example: Engineering Pty Ltd. There are various regulations that need to be followed with company structures, and it is important to be aware that companies are regulated by the Corporations Act 2001.
Sometimes when people start a business they do it as a sole trader, they register for an ABN, and commence trading in their own name. However, this also means that personally they will be liable for debts that are incurred, or claims that are raised against the business, subject to the insurance held.
There is numerous literature on business structures and all have the benefits suited to the specific purpose for which they will be used.
if you would like to discuss further your business ventures, I welcome you to request call services.
Kind regards *****
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