Setting up a Business
Making sure you have set up the right business structure is one of the most important decisions you will make. We will assist you throughout the entire process so that you have everything in place to ensure a successful start to running your business.
We will help to:
- Establish the most suitable structure for your business. Whether that be operating as a Sole trader, a partnership, a trust, a company or even a combination of these;
- Attend to all necessary tax registrations for your business (ABN, Tax File Number etc);
- Help you develop a business plan, cash flow projections and budgets;
- Assess your finance needs, advise on the best sources of finance, and assist you with applications and proposals;
- Establish a good working relationship with the right bank;
- Set you up a cloud bookkeeping system to help ensure you stay on top of your finances and track your new business’s progress.
The team at Decimal Place have worked with business owners from many different sizes and industries over the years. We have developed an understanding of what it takes to ensure you are set up in a structure that will minimise your tax, whilst ensuring your personal assets are well protected.
When deciding on a business structure we evaluate the following:
- Do your personal assets need legal protection?
- Does your business need funding from external parties?
- Are you going into business with an unrelated party?
- What is your exit strategy? We will set you up in a business structure that ensures when the time comes to sell your business, your exposure to capital gains tax is minimised.
If you’re not sure whether your existing structure is suitable for your business, contact us for a free initial assessment. We can help you transition to the correct structure whilst minimising any potential taxation implications.