When setting up a business one of the first considerations you will have to make is what business structure you should choose. The common options are whether to operate as a limited company, a sole trader, partnership, or a charity!

In this episode of ‘I Hate Numbers’ I talk about the options available for choosing your business structure (also known as business form), and how to decide. Mini spoiler alert if you are your own boss then you are self-employed!

Why business structure is important

Once a decision is made your actions will have consequences in a number of areas, including

Your financial records and accounts
Personal liability
Taxes
Raising money
Tax planning
Management structure and decision making

Options, money, and taxes

In most things in life and in business there are always options. That is no different when it comes to deciding on your business structure.

Many end up with a business structure by default, without thinking what is best for their business now, and for the future.

This episode lays down the foundations (excuse the play on words) for

Options
Features
Decisions
Money and taxes

Good to Know

Your business structure can change and evolve over time. You can even have differing types to suit how your business empire is made up, and where you are in your business cycle.

In my next podcast I get down and dirty with money and taxes. Different business structures = different tax consequences

What Next

Grab a coffee, make yourself comfortable, sit back and listen.

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