Changing the structure of your business can be a big step. It also sets in place a number of changes to the control of your business, its liability and taxes.
The main thing to know is that if your existing business structure isn’t working, you can choose a different one.
Questions to ask
A good change management approach will help you ensure a smooth transition, strengthen your business and help you retain your staff, business skills and knowledge.
In general you should work out why, what and how your business needs to change, and then involve your staff in each step.
Consider asking the following questions:
- What type of product or service will you provide?
- Will there be changes to your tax obligations?
- Will restructuring affect your registrations and licences?
- Will you interact directly with your customers?
- What are the risks if something goes wrong? For example, if your business provides a service like event planning or photography and deals with clients, do you need public liability insurance?
There are many aspects to restructuring your business. Our pages in this section can help you with the process.