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Australia Legal Structure

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For a business to succeed, a number a factors need to be in order such as environment of the business, economic stability and competitive advantage according to business professionals group Ltd. (Willow, 2014) In the Australian economy, the majority of Australian businesses are small businesses. (Shaw, 2013) Even though the businesses are smaller than factory outlets and other large businesses, the process of running it still has its complexes, similarities and contrasts. Below will be the elaboration on what a business needs to consider in order becoming a successful one.
The first step in building a successful business is to select the correct legal structure. The type of legal structure that the business must have depends on what the business goals are. The decision cannot be taken lightly as failure to selecting the right legal structure could end up making the business broke. …show more content…

Selecting the best legal structure is essential to the success rate of the business as it can crucially influence the business in a positive way. There are a number of various structures that can be chosen from when starting or expanding a business. The four main types of business structures that are commonly used by small businesses in Australia are mainly the sole trader, partnership, Trust and company legal entity. A trust (can be explained as an individual trading on their own). A partnership (a partnership is an association of people or entities running a business together), Trust (A trust is an entity that holds property or income for the benefit of others) and company legal entity separate from its shareholders). A partnership is also a popular legal structure chosen by many business owners. Professionals as numerous things recommend seeking professional advice from accountants, solicitors or financial advisers before deciding on business structure needs to consider such as many legal, financial and tax

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