How to choose the right business structure [eBook update]

Posted by James Price | JPAbusiness on 14-Aug-2019 02:00:00

A few years ago we were fortunate to have business consultant and management accountant Richard Cummins share his expertise in our free eBook, How to choose the right structure for your business.

Richard has kindly updated the eBook to reflect changes in tax policy in recent years – simply follow the links to download the updated version.

The eBook examines five topics:

  1. How to determine if your current business structure is the right one
  2. Tax and asset protection implications of different business structures
  3. Compliance, risk and governance implications of different business structures
  4. Future diversification and wealth development
  5. Succession and retirement.
Continue reading...

Topics: Business Structures, business advice, eBook, sole trader, tax minimisation, company, trust, asset protection, Parramatta, Orange NSW

How do I start a business?

Posted by James Price | JPAbusiness on 05-Jun-2019 02:00:00

Preparation is key when it comes to starting a business and, thanks to the wonders of the internet, there is no shortage of easily accessible resources to guide you in the early planning stages.

For example, the Australian Government’s business.gov.au site has a handy Starting a business guide which covers everything from understanding the difference between a business and a hobby, for tax purposes, to how to apply for a trademark.

We’ve also created free resources for readers who are considering ‘going out on their own’:

Continue reading...

Topics: Business Structures, Starting a business, business advice, Business advisor, Parramatta, Orange NSW

What to include in your shareholders’ agreement [checklist]

Posted by James Price | JPAbusiness on 06-Mar-2019 02:00:00

If you’re a business owner considering taking on an investing party or shareholder, some form of written shareholders’ or partners’ agreement is vital.

Use the agreement to make clear all parties’ investment and partnership intentions and responsibilities from the outset.

Remember, this is your business, so you can cover whatever you think important, from business relationships, ethics and cultural issues, to insurances, taxation and debt obligations; it’s your blank canvas.

Continue reading...

Topics: Advice, Partners, Business Structures, Shareholders, Checklist, business advice, shareholders agreement

How to choose the right business structure [cheat sheet]

Posted by James Price | JPAbusiness on 21-Nov-2018 02:00:00

Good business structures should be effective in:

  1. Protecting your assets
  2. Minimising your income tax and capital gains tax
  3. Simplifying your administration
  4. Achieving your retirement objectives
  5. Achieving your estate planning objectives.
Continue reading...

Topics: Business Structures, cheat sheet, business advice, sole trader, tax minimisation, company, trust, asset protection

How to create a shareholders’ agreement [checklist]

Posted by James Price | JPAbusiness on 14-Feb-2018 02:00:00

If you’re a business owner considering taking on an investing party or shareholder, some form of written shareholders’ or partners’ agreement is vital.

Use the agreement to make clear all parties’ investment and partnership intentions and responsibilities from the outset.

Remember, this is your business, so you can cover whatever you think important, from business relationships, ethics and cultural issues, to insurances, taxation and debt obligations; it’s your blank canvas.

Continue reading...

Topics: Advice, Partners, Business Structures, Shareholders, business advice, shareholders agreement

How to get governance and business structures right [video]

Posted by James Price | JPAbusiness on 31-Jan-2018 02:00:00

In our experience dealing with clients over the years, we've found many businesses start as side projects.

In this video, James tells the story of a client whose 'side project' became a multi-million dollar transport business.

He also points out some risks to watch out for regarding goverance and business structure issues when a business starts this way, and how to ensure they don't negatively impact value down the track.

Continue reading...

Topics: Business Value, Family business, Business Structures, business advice, Business advisor, Governance

The pros and cons of business trusts [infographic]

Posted by James Price | JPAbusiness on 18-Nov-2016 05:49:00

Trusts are a very popular structure for owning and operating businesses, particularly where there are multiple business partners and significant tangible assets associated with the private business, along with the going concern trading business.

The popularity of trusts among business owners relates to benefits associated with asset protection and income distribution, among other things.

All types of trusts have the same essential structure, with minor variations in their rules (i.e. trust deed) to distinguish the trust and allow it to perform different functions.

The infographic below sets out the essential structure of a trust, along with the key pros and cons of this type of business structure.

Continue reading...

Topics: Buying a business, Advice, Business Structures, Starting a business

Pros and cons of a company structure [infographic]

Posted by James Price | JPAbusiness on 09-Nov-2016 05:46:00

Companies are very popular business structures and offer a number of advantages over Sole Trader and Partnership structures, particularly in the areas of asset protection and finance raising.

However they are also more complex structures, and cost more to set up and administer.

This week’s infographic takes a look at Companies: their key features, pros and cons.

Next week we’ll bring you the final in our Business Structure infographic series: Trusts.

Continue reading...

Topics: Buying a business, Advice, Family business, Business Structures, Starting a business

Why set up a partnership? [infographic]

Posted by James Price | JPAbusiness on 02-Nov-2016 04:01:00

As we mentioned last week, we have created a series of infographics to illustrate the pros and cons of different business structures.

Last week we examined the Sole Trader structure.

This week’s infographic takes a look at Partnerships: their key features, pros and cons.

Continue reading...

Topics: Advice, Business Structures, Starting a business

 
Disclaimer: The information contained in this blog is general in nature and should not be taken as personal, professional advice. Readers should make their own inquiries and obtain independent, professional advice before making any decisions, taking any action or relying on any information in this blog. 
 
 

 

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