A business structure refers to the legal framework of your business—such as sole trader, partnership, company, or trust. It affects how you’re taxed, your personal liability, how profits are distributed, and your ongoing compliance responsibilities. Choosing the right structure is crucial for both short-term efficiency and long-term success.

The best structure depends on several factors: your industry, expected profits, number of owners, risk level, future plans, and how you want to handle tax and asset protection. An accounting advisor will assess your situation and recommend the most suitable and flexible structure.

Yes, it’s possible to change your business structure as your business grows or your needs evolve. However, this can have tax, legal, and operational implications—so it’s important to plan carefully with professional advice to avoid unnecessary costs or disruptions.

A sole trader is a simple and low-cost structure with full control and fewer compliance obligations, but it offers no legal separation between you and the business. A company is a separate legal entity, offering limited liability protection, better tax flexibility, and potential for investment, but it involves more setup and regulatory requirements.

Trusts are often used for asset protection and tax planning. A trust holds assets and income for the benefit of others (beneficiaries). While complex to set up and manage, trusts can offer flexibility in distributing income and protecting personal assets, especially in family businesses or investment ventures.

In many cases, an accountant can handle the entire setup process, especially for sole traders, partnerships, and companies. However, for more complex structures like trusts or when drafting legal agreements, we often collaborate with legal professionals to ensure everything is set up correctly and in compliance with current laws.