Are you operating in the right entity?
Have you thought lately about your business structure? Every five years or so, it is worth revisiting the structure issue because things in your world change - your priorities change, seasons change, children grow up, people retire, tax law changes and relationships may change.
There are generally only five basic instruments which are used for business structuring - a company, a partnership, a discretionary trust, a unit trust or a sole trader or a combination of these.
Each type of entity has different implications for taxation, asset protection, access to small business concessions, the way you admit new parties and transfers on death. Operating in the wrong entity will have adverse consequences.
How are you structured? Is it time you revisited this to see if there is one that is better suited for your needs into the future?
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