If you're thinking of starting a business, you’ll need to look at the advantages and disadvantages of each different business structure and work out which structure best suits your needs.
The most common types of business structures in Australia are:
Before deciding which business structure to use, it’s important you seek advice from a professional business adviser, a lawyer or an accountant. You can also search our Advisory Services to find a low-cost business adviser near you.
Changing business structures
It is important to know that you're not locked into one business structure for the life of your business. As your business grows and changes, you may decide to move to a different type of business structure.
Before changing structures, you need to be aware of the differences and obligations for each.
Find out the common reasons for changing structures and what to consider when changing your business structure.
What to do...
- Watch the Australian Taxation Office's (ATO's) Starting your business - Choose your business structure: tax basics for small business video to find out the tax differences between each structure.
- Watch the Essential Tips and Tools for Small Businessess webinar - a joint-agency webinar with general information about small business ownership.
- Check out the Australian Securities and Investments Commission's (ASIC's) Starting a company page on their Small Business Hub.
- Download ASIC's Business Checks app to help you verify information about a business you're dealing with.