Investors who plan on starting a business have a few options to choose from, according to the types of companies in Australia. Each business structure has a set of advantages and issues that should be taken into consideration.
The experts at our law firm in Australia can help you choose the appropriate business structure, according to the planned size of the future business and the need to expand it in the future.
Types of business structures in Australia
The main forms of business entities available in Australia are as follows:
- ·the sole proprietorship: a simple business form where the founder is the sole owner and also liable for the debts and obligations of the company.
- ·the limited liability company: this can take the form or a public or a private corporation and there are several differences between them that can be explained by our attorneys in Australia.
- ·the partnership: a collaboration between individuals who wish to run a business together.
- ·the branch: used by foreign corporations that want to expand to the Australian market; it is dependent on the company abroad.
The corporation is widely used when opening a business in Australia. The requirements for public and private companies are different and include conditions for the number of members, the Board of directors and others. Our lawyers in Australia can give you specific information.
What to take into consideration when choosing the business structure
Our team of Australian lawyers can help you with legal counseling regarding the Corporations Act and the various requirements included therein for the chosen type of company.
When selecting the business form, investors need to take into consideration the manner in which the business will grow over time. While it is possible to change the business structure, it is always helpful to have a broader perspective of the future evolution of the company. The choice made by entrepreneurs will have an impact on the types of special licenses, the amount of taxes as well as personal liability.
Contact our Australian law firm for a complete list of the services we provide to local and foreign investors interested in company formation.