Business Structuring and Asset Protection Lawyers in Victoria
Starting or restructuring a business in Australia?
Choosing the right business structure in Victoria is a foundational decision in establishing a new business or restructuring an existing one. The structure of a business has a significant impact on the way a business operates, how it is taxed, and myriad legal obligations.
At Grice Legal, our business lawyers will help you understand the available business structures and align them with your specific business and goal.
Call on +61 3 9831 5700 or click here to schedule a consultation with one of our business lawyers, and let us begin guiding you on smart business structuring today.
Common Business Structures in Victoria
Australia offers a range of business structures, each with its respective advantages, disadvantages, and legal considerations. Here is an overview of the most common business structures available to most of our clients.
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Simplest and most straightforward structure
Individual ownership with full control over the business
Personal liability for debts and obligations
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Formed by two or more individuals or entities
Shared management and responsibilities
Partners are personally liable for business debts
Different types of partnerships include general, limited, and incorporated limited partnership
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Separate legal entity distinct from its owners (shareholders)
Limited liability, protecting personal assets
Complex administrative and reporting requirements
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Ownership and control are held by trustees on behalf of beneficiaries
Flexible structure for asset protection and tax planning
Complex legal and administrative considerations
Choosing the Right Business Structure in Victoria
Selecting the appropriate business structure is a critical decision that requires careful consideration. Key factors that guide this decision include, but are not limited to:
Legal Liability:
Assess the level of personal liability you are comfortable with. Sole traders and partnerships have unlimited liability, while companies and trusts offer limited liability protection.
Tax Implications:
Consider the tax implications of each structure. Some structures may offer tax benefits or flexibility that aligns with your business goals.
Business Complexity:
Evaluate the complexity of administrative requirements. Companies have more formal reporting obligations than sole traders or partnerships.
Ownership and Control:
Determine the level of control and ownership you desire. Sole traders and partnerships provide direct control, while companies and trusts may involve a more distributed ownership structure.
Asset Protection:
Consider the protection of personal assets. Limited liability structures like companies and trusts can offer additional protection.
Future Flexibility:
Anticipate the growth and evolution of your business. Some structures may be more flexible in accommodating changes in ownership or business activities.
Why Choose Grice Legal for Comprehensive Representation?
We represent all types of small and large businesses in all sectors of the economy. Our clientele has included joint ventures, incorporated associations, unincorporated associations, business restructures, partnerships, and more. All of these clients chose us because we provide thorough, holistic advice and representation on and for their specific businesses.
We know business law.
With years of experience and in-depth knowledge of Australian corporate and commercial law, we know how to navigate complex legal issues and provide strategic advice tailored to the unique needs of each client.
Our approach is based on our clients' needs.
We prioritise client satisfaction, striving to understand our clients' business objectives, challenges, and opportunities, and delivering practical, solution-oriented legal advice and support to help them achieve their goals.
We are proactive and provide guidance that reflects the same.
We anticipate potential legal risks and opportunities, providing proactive guidance and recommendations to help clients make informed decisions and capitalise on emerging trends and market opportunities.
We collaborate and develop strategic partnerships.
We foster collaborative partnerships with our clients, working closely with them as trusted advisors and advocates, building long-term relationships based on trust, integrity, and mutual respect.
We are driven to produce results for our clients.
We are committed to delivering results-driven legal solutions that add tangible value to our clients' businesses, whether through cost savings, risk mitigation, regulatory compliance, or strategic growth initiatives.
Contact our Business Law Lawyers in Victoria
Grice Legal provides smart legal advice on business structuring in Australia. Whether you are establishing a new business or considering a restructuring, our experienced legal team can guide you through the process, ensuring compliance with Australian regulations and optimising your business structure for success.
If you are seeking assistance in determining the most suitable business structure for your needs, contact us today on +61 3 9831 5700.
