Choosing your business structure

Choosing the correct business structure when you start out in business is important.

An incorrect choice at the start may be costly to change later on. Many people believe they need to form a company to start in business. While a company is a valid business structure it’s not always the best option for everyone.

We suggest you get advice from an accountant, lawyer or business advisor before you make the final decision.

There are four common business structures:

  • Sole Trader
  • Partnerships
  • Companies
  • Look-through companies (LTC)