When you start a business is very important to choose an adequate business structure before you start trading. Look below different structures:
There are several business structures, the first four are the most widely used in Australia:
Sole trader - an individual trading on their own.
Partnership - a number of people or entities running a business together, but not as a company.
Company - a legal entity separate from its owners.
Trust - an entity that holds property or income for the benefit of others.
Co-operative - member-owned business organisation with at least five members.
Incorporated association - an entity usually established for recreational, cultural or charitable purposes.
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