One of the most important aspects of starting a business is getting the structure right.
Asset protection, Retirement options, reducing tax, increasing profits and succession planning can all be affected by having the right (or wrong) business structure. We are talking about the use a Company, Sole Trader, Trust, Partnership or a combination of these.
The reality is that everyone's situation is unique, and careful consideration of all the factors must be done prior to giving advice on what business structure to use. The fact that your brother has a family trust, doesn't mean that you should have one as well.
Our approach at Twelve Chartered Accountants is to Keep it Simple.
We try to understand exactly what our client's situation is, what they hope to achieve in the future and what keeps them awake at night. Instead of just setting up a structure because the client wants it or it was on a nice "menu of structures" that looks cool and sexy, we will challenge the reasons, offer alternatives and hopefully give good practical advice that achieves all the required outcomes.
The bottom line is we want the client to have the business structure that is right for them.