Setting up a business involves a number of small as well as large issues that need to be tackled. You need good business advice. Some of the minor things, like choosing a name, picking a core idea, and determining the primary place of operations, can be easy enough. There are other issues that are a tad bit more complicated and crucial.
Selecting the structure of your business is one such aspect where you will need solid business advice. There are several business structures that are possible – companies, partnership firms, joint ventures, proprietary concerns, and even limited liability partnerships. Every structure has its own specific legal and tax compliance procedures. These facts need to be considered before you decide upon a particular structure. Apart from the organizational framework, another structural aspect that needs to be looked into is the size of the business. Depending upon the capital involved, you can either set your business up as a small or medium sized enterprise, or as a large company.
Naturally, the tax liabilities and legal dues will be different for each particular structure. Therefore, before you zero in on a particular business structure, it is advisable to understand the possible tax implication of your choice. This way, you can make an informed decision.
In this day and age it is a prerequisite when starting a new business (or running any business) to also consider your presence online. This is how your potential clients/customers will find you and your products/services. So an important part of the process in starting a business would include website design and development and online marketing – usually in the form on search engine optimisation (SEO Marketing) and could also include social media marketing and Google AdWords marketing.
Wave Flux is dedicated to offering legal and business advice to new entrepreneurs and startup businesses so that they can have a smooth and uninterrupted run. Our team of professionals and experts are well-versed with the nuances of Australian law and taxes, and are always glad to help you out with even the smallest issue. So if you can’t afford to hire a professional lawyer at this stage or you just want to do your own research, feel free to browse these web pages for advice.