I want to start a business - should I have a company?

This will depend on the nature of the business you want to enter.

Can't I get some form of protection?

Generally speaking in today's business environment you should have some protection and this is achieved by placing your business in a company structure which will provide you limited liability protection.

What approximately will it cost me just to set-up a company?

It will cost approx. $1100 - 00 but check with one of our Solicitor's because it may be advantageous to form a Family Trust simultaneously.

Will I be liable for my company's debts?

Only if you have guaranteed them, to a Bank or a supplier, or breached specific provisions of the Corporations Law.

Do I have to pay stamp duty on the purchase of my business?

Yes, there was a suggestion that stamp duty may be abolished when GST is implemented however the States and Commonwealth could not reach agreement on this matter. Currently Stamp Duty still remains.

How can I protect my assets?

Each persons situation is different but the issue of protection will depend on what you own and who owns it.

Will I need a Trust?

This is a matter that you should with your Accountant but again, this will depend on your assets, income and present business structure. Another point to consider is whether or not there are any tax advantages to be derived from you instructing your Solicitor to create a Trust.

Will I save money by creating a Trust?

As mentioned above there are tax implications which you should discuss with your Accountant. It will also depend on your income level and how you and your Solicitor structure your Trust. Naturally the creation of a Trust will involve the payment of professional fees to your Solicitor.

Can I be a sole Trader?

Yes you can however you should carefully discuss this matter with one of our Solicitor's before you commence trading.

Will GST effect me?

Yes, it will effect you if you supply or any goods or services during the course of your business activities.

What happens if l go broke?

It is a question of ascertaining the true facts of the situation. You may be able to put a scheme of arrangement to your creditors to avoid becoming a bankrupt.

Do I need an agreement with my business partner?

Yes, it is advisable that you enter into a partnership agreement or shareholders agreement.

How much would that cost?

Approx. $850-00 or more depending on the complexity of the document.

Should I look at Wills and Estate Planning before starting a business?

Yes, and furthermore you should look at how you currently own property.