2 - Getting your business structure right

Understanding Business Structures: A Guide for Australian Entrepreneurs In this episode of Business Know How, host Melissa Bush, with her over 30 years of legal experience, offers practical insights into the legal side of running a business in Australia. The focus is on the importance of choosing the right business structure, including sole trader, partnership, company, and trust, and their implications on legal liability, tax, and operational flexibility. The episode provides detailed definitions, advantages and disadvantages of each structure, along with an emphasis on the significance of proper documentation and professional advice. Useful resources for Australian business owners are also highlighted.

00:00 Introduction to Business Know How

00:59 Importance of Business Structure

02:15 Sole Trader: The Simplest Structure

03:46 Partnerships: Shared Responsibility

04:53 Companies: Separate Legal Entities

06:51 Trusts: Asset Protection and Flexibility

08:46 Documentation and Legal Considerations

11:24 Key Questions for Choosing a Structure

14:18 Understanding Legal Entities and Business Names

18:16 Free Resources for Australian Business Owners

19:41 Conclusion and Next Steps

https://business.gov.au/planning/business-structures-and-types/business-structures/choose-your-business-structure