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Starting a business is exciting, fulfilling and rewarding, among many other things. What it can also be though, is daunting, confusing and difficult. It doesn’t have to be though, with the right professionals by your side. What makes it even easier, is when you have those professionals by your side from the very beginning. One of these professionals is of course, your accountant.
Read more for some of the reasons why an accountant should help you set up your business.
Correct structure from the beginning
A legal structure for a new business doesn’t matter. It’s only a small start-up, right? Wrong.
Your business may only be in start-up phase now, but your goal is likely for it to grow. Which is why the way your business is legally structured from the outset, is so important. The legal structure of your business impacts your tax, personal liabilities, asset protection, reporting obligations and more – the right business structure can save you valuable time and money. So, it’s even more important to get the correct structure in place – from the beginning.
So, what are the start-up structure options? Let’s take a look:
- Sole Trader– A sole trader is a person trading as the individual legally responsible for all aspects of the business. This includes any debts and losses, which can’t be shared with others.
- Partnership– A partnership involves two or more people who go into business together.
- Company– A company is a separate legal entity which has the same rights as an independent person and can incur debt, sue and be sued.
- Trust– Trust is a relationship where a person (the Trustee) is under an obligation to hold property for the benefit of other persons (the Beneficiaries).
How do you know which one is right for your start-up? Unless you’re an accounting professional, you probably won’t. This is why having a local Gold Coast Accountant to help you set up your start-up is so important.
Find out more about the importance of business structure here.
Creating your company, the right way
If a company is the right option for your start-up, then the right Accountant will help you create one, the right way.
What does this entail and how can an accountant help?
To begin with, an accountant will either complete all the company set up and company registration work themselves, or (more commonly) outsource the set-up work to an Australian para-legal ‘shelf company provider’ or ‘company registration agent’.
Some of the things an accountant will help you consider:
- Who will the Directors and Shareholders be?
- Any Stakeholders?
- Do you need investors?
- What is the company strategy?
- Are there any risks?
Ongoing business advice and support
You don’t have to ‘start-up’ alone. The right accountant will not only help you set up your start up, they will be there for you on an ongoing basis.
At Crest Accountants, our team of Gold Coast accounting specialists provide ongoing advice and support, because we understand that the need for our help doesn’t stop once your company is set up.
We’re so passionate about helping business make a start, grow and achieve their dreams, that we stay up to date on government incentives and schemes too, such as the “Entrepreneur Tax Discount”, so you don’t have to.
At Crest Accountants on the Gold Coast, we have over 45 years’ experience in providing start-up services to aspiring business owners just like you. We provide support and advice on processes, systems, and plans, essential to the overall structure and success of a business. We take the time to get to know our clients so that you feel confident we have your best interest at heart. Crest Accountants, accountants you can trust.
Contact us and book an appointment to discuss your start-up dreams today.
