Setting Up Business Structures

When establishing a business or entity it is important to understand that businesses go through several stages, often changing shape and direction throughout it's operating life.  During the different periods, the owners of the business will have diverse requirements depending on what stage the business is at.

It is very common that a Business Name is used as the trading body at the start of a new venture. The owner of the Business Name is usually the individual who works, invents and manages the trading body. As the business grows and increases in size (in both financial aspects and personnel) there may be a need to change the ownership to a more beneficial ownership body like a Registered Company. Partnerships are also a viable option yet they lack some of the advantages that are associated with a Company.

Consider the following when selecting a business structure: