Change business structure
A business restructure refers to reorganising your business. It is generally done to be more profitable, improve processes and adapt to the changing needs of the business. A restructure may include changing ownership, adding partners or changing the legal, operational or other aspects of the business.
A business structure is often the first thing to change when your business grows, particularly if you start as a sole trader and then want to take on a partner or even register as a company.
As your business changes and grows you need to ensure that you manage these changes successfully. Growth can lead to significant changes that affect your business structure and tax requirements.
Find out more about:
- The different business structures you can choose from.
- Moving from a sole trader to a company business structure.
- Common reasons for changing business structures.
- What to do before you change your structure.
- Things to consider when restructuring your business.
What to do
- Find out which agencies you need to contact to notify changes to your business.
- Go tothe choosing your business structure on the Australian Taxation Office website for more information on how a change in business structure can affect your tax obligations.
- Contact the Australian Securities & Investments Commission if you wish to form a company.
- Contact IP Australia before you change your logo or update your registered trade marks. Phone IP Australia on 1300 651 010 for further information.
- Review your corporate governance structure when making changes to your business structure.
- Read ASIC's Guide for Small Business Directors for more information on your director responsibilities.
- Consult a business adviser, accountant or solicitor for advice.