which business structure is right for you?

Sole Trader

Simple. Low cost. Full control.

• Easy to set up
• You make all the decisions
• Minimal reporting
• You are personally liable for debts

Best for: freelancers, trades, small operators.

Partnership

Two or more people running a business together.

• Shared skills and workload
• Straightforward setup
• Partners are jointly responsible for debts
• Disputes can get messy without a proper agreement

Best for: small businesses with trusted co-founders.

Company

A separate legal entity — with limited liability.

• Better protection of personal assets
• Good for growth and scaling
• More regulation, reporting requirements and paperwork
• Director obligations are serious

Best for: growing or higher-risk businesses.

Trusts

A structure that holds assets for beneficiaries.

• Can offer asset protection
• Can select how profit is distributed
• Complex to establish and manage
• Requires a trustee and trust deed

Best for: families, property investors, long-term planning.

Which structure do you need?

Different structures will have different:

Tax Requirements

Liability Exposure

Control

Asset protection

Growth potential

Everyone’s circumstances are different — the right structure depends on your goals and intentions.

Make sure your structure is the right one for you

We take the time to understand your goals and intentions and guide you through the best option for your circumstances. We explain the legal implications, and help you establish a structure that works for you so that you and your hard earned assets are protected.

We draft the right legal document, whether it is a partnership agreement, a company or setting up a trust so that you can kick off your new venture with confidence.

Would you like to know more? If you are starting a new business or venture in Melbourne and want to make sure you and your hard-earned assets are protected, give our friendly team of commercial lawyers a call today!