Business Structures – what to get your business into

Some business owners start with putting their ideas, crafts and services they provide on simple forms and formats, simply sending through an invoice or generate a QR code/paylah to get paid once work is done. Freelancer or gig workers are norm without registering with ACRA. . Freelancers can work without registration, but many register the simplest form – sole proprietorship to operate more formally. It is for locals only, though foreigner can register but require local authorized representative.

There are various other business structures to get register on – with various pros and cons to consider. Below a simple table to depict the differences.

Getting your business into the right business structure at various stage of growth is also an important consideration.

Talk to your trusted accountant today so that you can get your business finances planning going!