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Explanation of Business Entities

Bottrell Accountants | Newcastle Accounting Firm | Maitland Accountants

As a small & medium business owner, a strong understanding of the different business structures/entities available in NSW & Australia is crucial for making informed decisions about your business.

At Bottrell Newcastle Accountants & Tax Agents, located in Newcastle East at 45 Hunter St., we are dedicated to helping small, medium & large businesses like yours navigate the often-complicated world of business structures.

Important – Obtaining Accounting, Taxation & Business advice is critical before establishing 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 simplest and most common type of business structure in Australia
    • Only one person owns and runs the business
    • Has full control and responsibility for the business
    • Has unlimited liability for the business

Partnerships:

    • Involves two or more people who jointly own and run the business
    • Each partner has unlimited liability for the business
    • Profits and losses are shared among partners

Companies:

    • The separate legal entity from its owners
    • Has limited liability for the business
    • Can be owned by one person or a group of people
    • Must be registered with the Australian Securities and Investments Commission (ASIC)

Discretionary Trusts (Family Trusts):

    • Involves a trust structure where the trustee has discretion over the distribution of income and capital
    • Often used for tax planning and asset protection
    • Can have multiple beneficiaries

Joint Ventures:

    • Involves two or more parties working together to achieve a common goal
    • Can be set up as a partnership or a company
    • Each party has a share in the profits and losses
    • Liabilities are shared among parties

At Bottrell Newcastle Accountants & Tax Agents, we understand the unique needs and challenges of businesses in Newcastle, and we are here to help you every step of the way.

With our expert guidance, you can be confident that you are choosing the best structure for your business and setting it up for success.

Whether you’re just starting or looking 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 4933 6888 or email us at office@bottrellaccounting.com.au today.

We look forward to working with you!

 

Contact us at @ Newcastle Accountants

Physical Address – 45 Hunter St, Newcastle, NSW 2300.

P: 02 49336888

E: office@bottrellaccounting.com.au

 

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