Business Structuring Build a solid foundation

Invest in your structure

The importance of your business structure should not be underestimated. It is the vehicle which will house the biggest asset in your life and getting it right from the start can make a considerable difference.

Similar to building a house, a solid foundation is one of the most important aspects of a good business. This doesn’t mean that bigger is better. It is important that your structure is fit for its purpose and tailored for your needs.

If you are serious about your business then investing in appropriate business structuring advice and implementation will pay dividends in both the short and long term.

Manage growth

As your business grows and changes it is important to regularly review the suitability of your structure. Your goals may have changed, different opportunities may present themselves and business conditions may be vastly different to when you started your business.

Like there is not a one size fits all structure for every business, there is also not a one size fits all structure for every stage of a businesses life. Little tweaks or complete overhauls may be necessary from time to time to ensure your business assets are appropriately protected and optimised for further growth. These milestones need to be carefully managed to avoid the pitfalls of tax.

Engaging an experienced advisor such as mi-fi to regularly review your structure will ensure that your business structure is well placed to manage your continued growth.

Considerations


There are many types of business structures, each with it’s pros and cons.

Ultimately your business structure will address:

  • Protection of your business and personal assets; and
  • How much tax you pay both annually and when you sell your business.

Getting it wrong in either aspect can cost a lot more than the initial investment of getting appropriate advice.

The following are some key questions to ask yourself when considering the most appropriate structure for your business.

  • Who will be involved and how will they be remunerated?
  • What are your growth plans?
  • What industry are you in?
  • What are your views on the eventual sale of the business?
  • What risks are involved in your operations?

Our Approach

Steps to a solid structure


1

Initial Consultation

We will meet with you and get all the details about your plans for your business venture. We will also help you understand the process of choosing the right business structure.

2

Structure Advice

We consider all your information in detail using our teams wealth of knowledge and experience in this area. We then prepare thorough, easy to understand, written advice recommending the most appropriate structure for your business. We will take you through the advice to ensure that you understand it and answer any questions you may have so you can make an informed decision.

Fees: Structuring advice starts from $550 inc GST and will vary depending on the complexity of your situation. In all cases we provide you with fixed fee estimate based on our initial consultation with you and prior to preparing any advice.

3

Structure Creation

Once you have considered our advice and decide to proceed, we will complete the necessary paperwork and government registrations to create a your structure so that you can get to work building your business. This includes:

  • Preparation of company and/or trust documents (e.g. company constitution)
  • Entity registrations and payment of government fees (e.g. Company application fees and/or state government stamp duty where applicable)
  • Australian Taxation Office registrations (e.g. Tax File Number and Australian Business Number)

Fees: We charge a fixed fee inclusive of all disbursements required to register the entity or entities required for your business structure. This will be dependent on the chosen structure and we will advise you of the costs prior to proceeding.

4

Ongoing Advice

Once the necessary paperwork and registrations have been completed we will ensure your structure is used in the way it was designed through a Business Essentials Plan. As part of your Plan we provide you with ongoing general accounting and tax planning advice relevant to your structure. As your advisors we will also keep an eye out for any issues or opportunities in relation to your business structure.

Fees: Find out more here.

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