There are a number of business structures that can be used when setting up a business. In its simplest form a sole trader business is the easiest way of starting a business. Generally an accountant’s advice is also needed to ensure that you get the right advice about the risks of your business, asset protection and tax so as to ensure that you are starting out in the best way.
Adelta Legal works with accountants to jointly advise clients on the best way forward. Often a sole trader business as it grows may need to convert to another business structure to maximise taxation benefits or provide increased protection from liability or risks of the business.
We can advise you and assist you in:
- incorporating a company;
- setting up a trust;
- setting up a partnership arrangement;
- advise you in relation to franchises;
- make sure that your business structure is compatible with your personal or family arrangements; or
- help you to undertake due diligence in deciding whether to buy a business.
It can sometimes be costly to change business structures especially if there is an asset to which capital gains tax may apply (like property ownership) so it is important to take the long view at the start to provide flexible options moving forward.
A common small business arrangement is to operate in partnership.
A Partnership Agreement is an important legal document that defines the nature of a partnership and the rights and obligations of each of the partners.
It is a mistake to take the view that going into partnership with a close friend or family member removes the need for a formal agreement to be drafted. A well drafted Partnership Agreement can clarify issues about partnership liability as well as covering issues such as outlining the financial contributions that each partner will be obliged to make, the work obligations of each partner, their incomes and profit share, how to manage the retirement of a partner and how disputes between partners will be resolved. To download information about Partnership Agreements click here.
Adelta Legal enjoys long-standing relationships with many clients and accountants and works with clients to assist them throughout the operation of the business. To download information regarding business structures click here.
We have offices in the city, at Tea Tree Gully and Morphett Vale for the convenience of clients. In addition, for the elderly or infirm, visits can be made to clients at home or in hospital.
Call us on 08 8415 5000 or send an email to make an appointment.