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Business structures

You have to decide on what structure you want for your business. A Micro Business is one which employs less than five people. In Australia 88% of small businesses are Micro Businesses, with 62% of them running a business from or at home.

A great number of small businesses are:

  • owner operated (one person owns and runs the business)
  • partnerships (small family groups, or close friends)
  • run by women, youth and people who were formerly in other employment
  • home based.

What business structure you choose will be based on a number of factors such as:

  • Do you want to be the only boss and make all the decisions?
  • Do you need to have a partner to share the workload and investment (and profit)?
  • How do you want to pay tax on profits made?
    (eg. you may choose to pay tax on every dollar earned via the structure of a company, or take advantage of the current tax free threshold of $18,200 as a sole trader in Australia)

IN THIS SECTION:
Business structures
Costing
Raising Finance
Bookkeeping
Insurance
Leasing and Hire Purchase
Financial Planning
Trading Terms
Vic Govt. Info Sheets

SEE ALSO:
Taxation
Planning your business

 

 

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