Business Setup

If you want to turn your amazing concept into a reality, we can help you set up the best business structure for you. We can handle all of your new business's registration and compliance requirements.

Choosing the correct business form 

1.  Corporation

A corporation is a legal body that exists independently of its owners. Many of the same legal rights and obligations apply to corporations as they do to individuals. Limited liability is a crucial feature of a corporation, as it ensures that its shareholders are not personally liable for the company's debts.

2. Trust

In the classical sense, Trust is a company structure that does not have an owner or owners. The trustee – a person or a company – is required by the trust to hold and run the business assets for the benefit of the beneficiaries.

The most complicated of the four fundamental company structures is Trust. It needs its own Australian Business Number and Tax File Number, as well as a written trust deed outlining how the trust will operate.

3.  Partnership

A partnership is a business arrangement consisting of two or more people who share profits and losses.

There are three primary sorts of collaborations:

 A general partnership (GP)

        Is one in which all partners have equal responsibility for the business's management and have unlimited liability for any debts or obligations it may incur.

        Limited partnership (LP)

       The responsibility of general partners in a limited partnership (LP) is limited to the amount of money they have contributed to the partnership.

        Limited partners are typically passive investors who have no involvement in the day-to-day operations of the company.

        Incorporated Limited Partnership

        An ILP is a type of partnership in which partners have limited liability.

4. Sole trader

A sole trader is the most basic type of business structure, and it is relatively straightforward and inexpensive to establish.

You are legally accountable for all parts of your firm as a sole trader, including any debts and losses, as well as day-to-day business choices.

These types are influenced by a variety of factors and has a long-term financial impact. Each structure has its own set of law and tax requirements. You may feel confident that Waterford Accountants can assist you in navigating the maze, as you will be assisted by our professional tax consultants.

How fast is the registration process?

The majority of applicants  complete and submit their applications in less than 30 minutes.  After you hit send, your ACN and ASIC paperwork will arrive in a few minutes to your registered email address.