Coronavirus (COVID-19): Restructuring your business
Small business owners who restructure by transferring assets from a sole trader, partnership or discretionary trust into a company structure may be eligible for a duty exemption on the transfer.
A business can be legally structured in several ways. Choosing the best legal structure for your business is one of the first and most important decisions you need to make. You can change your legal structure as your business grows, changes or evolves.
Seeking professional advice from your accountant, solicitor or financial adviser is recommended before deciding on your business structure, as you will need to consider many legal, financial and tax issues.
Each business structure has different requirements. You may need an Australian Business Number, business name registration, trademark registration and other requirements.
This guide gives you general information about the advantages and disadvantages of the 4 most common business structures - sole trader, partnership, company and trust.