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Explanation of Business Entities – East MaitlandBottrell Accountants | Newcastle Accounting Firm | Maitland Accountants

As business accountants located in East Maitland, we boast a wealth of experience working with small and medium business owners. We also have a comprehensive understanding of the various business structures and entities available in both NSW and Australia. This knowledge is essential in enabling informed decisions to be made regarding your business.

At Bottrell East Maitland Accountants & Tax Agents office, located in East Maitland at 93 Lawes St., our focus is to assist businesses of all sizes, from small to large, in navigating the complex realm of business structures.

Getting Accounting, Taxation, and Business advice is a vital step before setting up your business.

We will provide a basic understanding of Australia’s most common types of business structures.

Explanation of Business Entities in Australia:

Sole Trader:

    • The most straightforward and widely used type of business structure in Australia.
    • The business is solely owned and operated by one individual.
    • Exercises complete control and bears full responsibility for the business.
    • Bears unlimited liability for the business.

Partnerships:

    • Involves joint ownership and operation of the business by two or more individuals.
    • Each partner holds unlimited liability for the business.
    • The profits and losses are distributed among the partners.

Joint Ventures:

    • Involves two or more parties working together who share a common goal
    • Choice of set up as a partnership or a company
    • A share in the profits and losses is distributed among each party
    • Liabilities are shared among parties

Discretionary Trusts (Family Trusts):

    • Involves a trust structure where the trustee can decide where income and capital are distributed
    • Often used for tax planning and asset protection
    • Multiple beneficiaries

Companies:

    • It is a distinct legal entity separate from its owners.
    • Bears limited liability for the business.
    • Can be owned by one person or a group of people
    • Is required to be registered with the Australian Securities and Investments Commission (ASIC)

At Bottrell East Maitland Accountants & Tax Agents, we understand the specific needs and challenges of businesses in the East Maitland area, and we are here to assist you every step of the way.

You can be confident that the best structure for your business is chosen and set up for success with our expert advice from our East Maitland office.

Whether you’re just established or seeking to make a change, our experienced professionals can provide the advice and support you need to make informed decisions about your business.

So if you’re ready to take your business to the next level, call us at 02 49336888 or email us at office@bottrellaccounting.com.au today.

We look forward to working with you!

Contact us at @ East Maitland Accountants

Physical Address – 93 Lawes St, East Maitland, NSW 2323.

P: 02 49336888

E: office@bottrellaccounting.com.au

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