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Need help with business structure

Discussion in 'Business & Startup Investing' started by HandyAndy888, 15th Jun, 2010.

  1. HandyAndy888

    HandyAndy888 Member

    Joined:
    4th Jan, 2008
    Posts:
    9
    Location:
    Miles, QLD
    Hello braintrust,

    I am about to start a business and since I want to keep costs minimal, I was wondering if you could help me with a simple question.

    What sort of structure should I set up?

    Here are the details:

    1. Retail shop
    2. Initially employing between 2 and 5 part timers, but this could turn into a hundred or so in quick consession if all goes well, with multiple outlets. :)
    3. My wife and I would be involved.

    So, should I set up the ABN as sole trader, company or partnership???

    Your help appreciated..happy to answer more questions that you may have...
     
  2. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    Andy
    How did you go?
    Have you started it?
    what type of shop is it?
     
  3. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney

    Def use a company. too risky not to. limited liability.

    Also consider using a different company to operate the business than that which owns it. consider a discretionary trust to own the shares.