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You are here: Home / Business & Commercial / Starting A New Business / New Business Structures

New Business Structures

When starting a new business selecting the right structure is a significant step.  It is important to recognise that business structures can change based the growth and expansion of your business. Below are six potential structures that are available in NSW.

business structures

Common Business Structures in NSW

Sole Trader

A sole trader is where an individual is responsible for all aspects of the business including all liabilities such as debt. This is a simple and inexpensive business structure for Australian companies, however, it also increases your personal risk.

Partnership

A partnership business structure is where there are a number of people who are responsible for a business together. You can jointly run a business with a number of people of up to 20. In New South Wales, partnerships are governed by the Partnership Act 1892 (NSW).

Joint Venture

A joint venture business structure involves an agreement between two or more people/organisations/businesses coming together for a specific project. A joint venture agreement is a legally binding agreement or contract and once the contract is carried out, the joint venture ceases to exist.

Limited Liability Company

A limited liability company is where the owners are usually shareholders and their liability is limited to the nominal value of their shares (if fully paid). If you were to buy or own a share in a company, and the company is either wound up or declared insolvent, the shareholder does not owe more capital to aid in keeping the company afloat and will only lose the amount paid to acquire the share.

Public Company

A public company is a business structure with strictly imposed requirements as governed by the Corporations Act 2001 Cth. Public companies can be listed on the stock exchange and their shares traded.

Trusts

A trust is a form of relationship which creates an obligation (used for investment or business purposes) that is put on a person or entity (trustee) which requires them to hold property for the benefit of a beneficiary. Read more about trusts.

Contact us for more information or for advice on which business structure is suitable for your business.

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News & Articles

Managing Employees in Australia given the Impact of COVID-19

We stress that due to the unprecedented nature of the pandemic and the very rapidly changing landscape, the guidelines below are general in nature and subject to change. Many of the laws that now apply to this situation were not written with regard to what is currently occurring. Therefore please exercise caution in relying on […]

Temporary Changes to Insolvency Laws in Australia due to the Coronavirus (COVID-19) Crisis

In a move aimed to lessen the economic impact on businesses and individuals caused by the Coronavirus pandemic, the Australian Government has introduced some changes to insolvency laws in Australia that apply to personal and corporate insolvency regimes. This includes a temporary increase to the threshold in which creditors can issue a statutory demand on […]

Coronavirus (COVID-19) Update

Following on from the extensive reporting in relation to the COVID-19 pandemic we have implemented a number of protocols to enable the business to continue operating if a staff member or principal is diagnosed with the virus and/or the office needs to close for a period of time. Our staff and principals have adopted best […]

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