The Worst Business Structure Revealed
We can choose different types of entities when we structure a business.
The first one which is the most popular one is being a sole trader. It might be the most popular but it’s the worst structure.
We want to be having companies and trusts or a combination of both for your business structures when we set that up as accountants.
There are a few reasons why. Tax is a huge reason why. Sole trader makes it very difficult for tax planning versus companies and trusts. But the big one is asset protection, it’s our focus. If you’ve got assets in your own name and your business gets sued, then literally your personal assets, even your home, and your car can be used to pay back creditors or the person suing you.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
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