Starting a Business? Get the Foundations Right
Starting a business involves more than choosing a name and finding customers.
There are also decisions about:
how the business will operate
which structure may be appropriate
registrations
taxation
GST
accounting records
banking
software
ongoing compliance.
Getting those foundations organised properly can make running the business much easier later.
Common Business Structures
Australian businesses commonly operate through structures such as:
Sole Trader
Partnership
Company
Trust
Each structure works differently.
The right choice depends on your individual circumstances, business activities, plans and other considerations.
How SKC Accounting Can Help
Depending on your requirements, we may assist with:
explaining common business structures
discussing accounting and taxation considerations
business registration support
ABN applications
GST registration
PAYG registrations
company setup support
accounting-system setup
bookkeeping foundations
initial tax and compliance guidance
coordination with legal or specialist advisers where necessary.
We Don't Believe in Choosing a Structure From a Checklist
A structure that works well for one business owner may not be suitable for another.
Before deciding, it can be useful to consider matters such as:
what type of business you're starting
expected income
whether you will employ people
whether other owners are involved
future growth plans
asset-protection considerations
administration requirements
taxation considerations
the costs of maintaining the structure.
Where legal advice is required, we may recommend that you speak with an appropriately qualified legal adviser.
Common Questions
Can't find your question? Email us.
Should I automatically start a company?
No. A company may suit some businesses, but it isn't automatically the right structure for everyone.
Can I change my structure later?
Potentially, yes, but changing structures can have taxation, legal and administrative consequences. It is better to obtain advice before making the change.
Can you help me set up the accounting side from day one?
Yes. Establishing appropriate bookkeeping, bank accounts and accounting systems early can prevent many problems later.
New Businesses Often Also Need
Continue Learning
I've Decided to Start a Business — What Do I Actually Need to Set Up?
Sole Trader vs Company — Which Business Structure Is Right for Me?
How Much Money Do I Actually Need to Start My Business?
Do I Need a Business Plan — and What Should Actually Be in It?
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Service Delivery Disclosure
SKC Accounting Financial & Advisory Services Pty Ltd trading as SKC Accounting is a licensee of Platinum Accounting Australia Pty Ltd (Platinum). Platinum is a Registered Tax Agent (Tax Agent No. 24683431). Tax agent services, including the preparation, review and lodgement of tax returns, and BAS/GST services requiring registered-agent authority, are provided through Platinum under the applicable engagement arrangements. For more information, please visit Platinum Accounting Australia.
Let’s Talk About Your Business
A useful first conversation starts with what your business does, what is creating pressure and what you would like to improve. Book a Complimentary Initial Consultation to discuss the support that may suit your circumstances.