A business can be structured in several ways. Each different type of structure has different advantages, disadvantages and responsibilities. It is important when choosing a structure that you consider whether you will be able to comply with the various legal obligations it requires as well as:
Ability to accommodate changing circumstances
Asset protection requirements
Profit distribution needs
The most widely used structures are:
A sole trader is the simplest form of business structure and relatively easy and inexpensive to start and maintain.
A partnership involves two or more people (but no more than 20) going into business together.
A company is a separate legal entity capable of holding assets in its own name. Shareholders own the company while directors run it.
Unlike a company, a trust is not a legal entity. They are often used in connection with running a business for the benefit of others.
At Kennas will can help you to identify which structure best suits your needs, set up the structure and provide on-going company secretarial duties. As your business needs may change over time and we can review your structure regularly to ensure that there are no other solutions which may suit you better.