Build your future
Having decided to be your own boss, one of the next important decisions you’ll have to make is how you’ll structure your business. Which structure is best for you will depend on your personal situation and your future plans, while the decision you make will have repercussions on the future of your company. The way you’re taxed, your exposure to creditors, and your administration burden will be decided here. It can be daunting to make such an important choice so early on.
Whether you’re starting a new business or reevaluating an existing one, we can design a structure for you that is tax-efficient and will encourage the future successes you need to grow. And as your business blossoms, we can advise you on whether or not your business structure needs accompanying changes to maintain its trajectory.
Doing business as a sole trader is a common business structure. As a sole trader, you and your businesses are one and the same. What you earn, the business earns. What you owe, the business owes. While that makes everything simpler in terms of administration and compliance, you’re personally liable for all debts your business owes, so your personal assets are on the line. This isn’t the case for owners of limited companies, who are legally separate from one another but face considerably more paperwork and administration.
Paying income tax on profits, sole traders won’t lose out on too much in tax compared to limited companies – until their profits get into the upper and additional bands for income tax, that is.
Alternatively, you could work in a partnership, limited liability partnership, or a co-operative. Choosing your structure can feel like walking along a tightrope, but we can help you balance up your options to get your business the best result.
Here’s what our clients think
“We have been with Synergee since its inception. We have always found them very attentive, and easy to deal with. In particular, Synergee has helped us with our business structures (our businesses include property, farming and coaches) and a wide range of business and tax queries. We have no hesitation in recommending them.”