Select Your Type of Business
Think about your business structure.
There are a number of different ways to structure your business. These range from a sole proprietor, company, partnership etc. The best way to make a selection as to what is right for you is to visit your countries government website that lists the available options. We have listed some of these sites below for USA, Australia, UK and Canada. Other countries have similar sites just do a Google search for your country.
Different business structures offer different advantages and disadvantages including the following.
- Taxation - companies often pay a higher rate of tax.
- Limited liability for companies.
- Increased costs to setup and run a company.
- Partnerships - You could be liable for the debts incurred by a partner.
- Sole Proprietor - lower startup costs.
Whatever structure you decide on be sure to discuss this step with your accountant or get other professional advice first.
In the United states the SBA website provides information on setting up a small business and gives a good coverage of the structures available in that country when setting up a business.
In the USA the SBA Govt website provides information on the structure of businesses.
In Australia the ASIC website provides information on setting up a small business and gives a good coverage of the structures available in that country when setting up a business.
In Australia the ASIC Govt website provides information on the structure of businesses.
In the United Kingdom the 'Setup a Business in the UK' website provides information on setting up a small business and gives a good coverage of the structures available in that country when setting up a business.
In the United Kingdom the 'Setup a business in the UK' website provides information on the structure of businesses.
In Canada the Canada Business Network website provides information on setting up a small business and gives a good coverage of the structures available in that country when setting up a business.
In the Canada the Canada Business Network Govt website provides information on the structure of businesses.
