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When starting or operating a business, choosing the right structure is key. Each type has its own pros and cons. Let's break down the main business structures: sole trader, partnership, discretionary trust, unit trust, and private company, to help you understand which might be the best fit for you.

1. Sole Trader

2. Partnership

3. Discretionary Trust

4. Unit Trust

5. Private Company

Summary

Choosing the right business structure involves weighing simplicity, liability, tax benefits, and setup costs. A sole trader setup is straightforward but comes with personal liability. Companies offer limited liability but require more effort to manage. Partnerships and trusts offer a middle ground, balancing liability and tax flexibility. Understanding these options will help you make the best choice for your business.


If you're still unsure of the appropriate structure for your specific circumstances, feel free to reach out to our office and we'd be happy to provide further guidance.