Business Structure Advice
The Legal Shop is the trusted partner for all business structuring needs in Australia. The right structure is crucial to business success as it sets the foundation for your business. It is crucial for new businesses and start-ups to get advice early on, as it can be costly from both a legal and tax perspective to restructure at a later time.
Our services include:
- Sole trader structures
- Partnership structures
- Company structures
- Trust structures
- Joint venture structures
Case study: the wrong business structure
Sarah started her online fashion store as a sole trader because it was the quickest and cheapest way to begin, and business boomed. But as the business grew, the structure stopped fitting.
As a sole trader, Sarah was the business: every contract she signed, every product issue and every customer claim was hers personally. If something went seriously wrong, her personal assets, including her savings and her share of the family home, were on the line. And when she wanted to bring in a business partner and eventually outside investment, there was no company to share or sell a stake in.
Restructuring later was possible, but it cost far more in legal work, government fees and disruption than setting up the right structure at the start would have. (Structure also has real tax consequences, which is why we work alongside your accountant on the numbers while we handle the legal side.)
If Sarah had spoken with The Legal Shop earlier, she would have protected her personal assets and been ready for growth. However, it is never too late to restructure if it is the best fit for your business.
Tailored legal services
At The Legal Shop, we understand that no two businesses are alike. That’s why we provide tailored solutions designed to meet your specific needs. Whether you’re just starting out or looking to restructure your existing business, we’re here to help.
With our business structuring services, you’ll benefit from:
- Expert advice from experienced lawyers
- A thorough analysis of your business needs and goals
- A clear understanding of the pros and cons of each business structure
- Assistance with all legal documentation and compliance requirements
- Fixed fees, quoted upfront
Going into business with others? Pair your structure with a shareholders agreement or partnership agreement so the ownership rules are settled from day one.
Frequently asked questions
Which business structure is best for a small business?
There’s no universal answer: it depends on your risk, growth plans, who’s involved and how you’ll fund the business. Sole trader is simplest, a company limits your personal liability and suits growth, and trusts and partnerships fit particular situations. That’s exactly what a structuring consultation works out.
Can I change my structure later?
Yes, and businesses do it all the time, but restructuring costs more than starting right: new registrations, new contracts, and potential tax consequences your accountant should weigh in on. Early advice is cheaper.
Do you work with my accountant?
Yes, and we recommend it. Your accountant advises on the tax side; we handle the legal structure, documents and registrations. Together you get a structure that works on both fronts.
Next steps for your business
Book a free consultation today to learn how we can help you make informed decisions about your business structure.
