Your individual requirements are just as important as your business, and these strategic planning services will affect your future so are extremely important to set up in the right way. No matter what stage of life or business you are in, our team will work with you to create a strong foundation and secure future.
Business structures are such an important component to consider when both starting a business or if your business is going through a period of change. The structure of your business can affect a number of key areas for both you and your organisation, including tax, asset protection, ongoing costs and compliance.
It’s important to understand how your structure will support your business and why it’s a suitable option for you. Areas that may influence your decision can range from start-up costs to long-term security.
Keep in mind that you’re not locked into one business structure forever; you can change it at any time. So while it is necessary to consider the future of your business when deciding on your structure, it is also important to choose the structure that best suits your business today.
The four most common business structures in Australia are Sole Trader, Partnership, Company and Trust. If you are looking at a Partnership, Company or Trust structure, which are much more complex, we recommend having your accountant or business adviser set this up to ensure everything is accounted for. Our team have delved into these with thousands of clients and will happily guide you through the whole process.
It is natural for business owners to want their business to exist beyond their working life, particularly when it comes to a family business. Succession planning is extremely valuable in ensuring your business continues on, by having potential successors and an exit strategy in place that will give the business longevity and you peace of mind.
It is much easier to start planning for your succession early and to prepare the business for life after you. Planning who will take over the business when you move on can be really challenging, especially if one or two people have been central to the business and its success to date or if it’s a family business. However making sure the people in key roles have the right skills is extremely important.
BLG has countless experience in navigating business owners through succession situations, and we assist you with:
Having good Chartered Accountants behind you, like our team at BLG, is important to ensure your future is secure and your business has a solid foundation, with efficient processes and strategies in place that are uniquely effective for you and add real value.
Talk with us about what you need and find out if we’re the right fit for you. Our team works with complex accounting and business problems through to answering every day questions you might have, so we are always available to support you.