When starting a business and choosing the structure of your new venture, it’s important that you get the right advice. It’s critical that you set your business up under a structure that’s best suited to your long-term goals. Otherwise, you may find yourself needing to change structures in the future.
But despite initial goal-setting and business planning, sometimes change is inevitable. You might be considering changing business structure because:
- Your small business is growing, and you want a structure that allows for greater growth
- You want to take on partners, or employees
- You want to make your business more tax-effective
- Your business currently falls under a complex structure, and slowing profits means you need to simplify
- You want increase liability protection
If you’ve identified that it might be beneficial to change structure, it’s critical that you get the right business structure advice.
Liston Newton's experienced business advisers are available to meet with you to discuss your business needs, and provide you with holistic, objective advice on changing business structures. Contact us today to book in for your free consultation session.
Business structure advice
There are a number of factors at play when looking to change business structures. You’ll definitely find yourself wondering “who should give me business structure advice?”
With the right professionals in your corner, you’ll be able to receive thorough business structure advice that puts you on track for long-term success.
Finding the right help is the key. Different professionals are able to advise you on different areas of your business, and can provide you with different specific knowledge and guidance.
Business Consultants
A business consultant can:
- Provide an objective review of the current state of your business
- Advise on your immediate business issues
- Help you develop a plan to safely and seamlessly manage your impending change in structure
Professional Business Advisers
Your business adviser will:
- Help you determine the most suitable structure for your business
- Provide support in solving any long-term business problems
- Work with you for the long haul to ensure you get a big picture view of your new structure
Lawyers
A lawyer is integral to ensure all legal details of changing your business structure are taken care of, and advise on any legal implications of the change.
Insurance Brokers
Your insurance broker will:
- Provide guidance on choosing the right insurance for your new business structure
- Make sure you’re getting the best deal
- Ensure it properly covers your employees and assets, and takes care of any liability
Accountants
Accountants are able to provide advice on new tax obligations, and determine strategies to maximise the benefits of these obligations. They can manage your investments, and provide you with a financial plan to maximise the success of your new business structure.
And a truly excellent accountant can provide more than just financial advice.
The benefits of using Liston Newton Advisory for business structure advice
Experience
We have over 40 years’ experience advising business owners on the most appropriate business structure. We are able to help you weigh up the pros and cons of each structure, so you can avoid making the same ones.
The right business structure is all about looking to the future. You need to determine whether it’s not just appropriate for your situation now, but that it suits your situation in coming years.
Tax knowledge
As accountants, one of the most important considerations around your business structure is the ability to minimise tax. Liston Newton are able to advise you on the most tax effective structure for your business — one that will be most appropriate to both your personal circumstances and also your business industry.
Understanding your tax structures provides you with the ability to minimise tax, both now and into the future. This becomes particularly valuable if you’re considering selling your business at a later date.
Asset protection
The other important consideration around business structures is ensuring that your personal assets are protected. This means that you’re covered in the event that things go wrong, whether it’s getting into legal trouble or financial difficulty, or having outstanding financial obligations to the banks the ATO.
Without proper asset protection advice, you leave yourself exposed, and your family’s wealth can be in danger should anything happen to the business.
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When it comes to asset protection, one of our clients experienced this situation first-hand.
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Asking the right questions for business structure advice
There’s a lot of information to digest when it comes to changing business structures. Asking your advisor these questions will provide you with a strong base to understand what’s involved.
- What are the pros and cons of each structure?
- What happens if I want to change my structure in future?'
- What structure is most common for my industry?
- What tax concessions are available to each structure?
- What are the asset protection benefits of each structure?
- What are the ongoing costs of each structure?
- What will happen if I sell my business in the future?
- Will this structure still be appropriate as I grow my business?
- Will it still be appropriate if my profit increases or decreases?
- Will it be appropriate if I decide to take on other owners or other investors?
