Structuring For Your Success: Starting a successful business takes more than a good idea and hard work. There are bureaucratic, legal, administrative, and financial considerations that you should consider, even before you commence.
If you’re considering starting a business, it’s also a must to consider which business structure best suits your needs.
When considering which structure is right for you, 2 major considerations are:
- Legally minimizing taxes – the business the structure you choose will determine your tax obligations, including your tax rate, and
- Protection of your assets – the business structure you choose will also affect your assets – whether they form part of your business or they are protected from others, for example, creditors.
An overview of the options available is always a good place to start, but there’s no substitute for a professional adviser (accountant) who can help you to work out the most appropriate structure.
Business Registration
One of the first things you need to find out when you’re starting a business is what laws will apply to you. Having the correct registrations, licenses, and permits are fundamental when running your business. They allow you to operate without fear of closure from non-compliance or other
legal concerns.
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