What business structure is right for me?
Good question. This fundamental decision is all about setting up a strong foundation for your business to grow. In brief, here are the different types:
If you’re a freelancer or a one-man band, a sole trader business structure may be right for you. It’s relatively easy to set up and run, is cheap to set up, and has few reporting requirements. However, there are downsides – you are personally liable for any debts incurred, and it’s not suitable if you’re looking to grow or hire employees.
Two or more people run the business? You may elect to register your business as a partnership. Like a sole trader, a partnership is a low-cost and simple way to set up your business. In this arrangement, you have shared control and management of the business with your partners, and each partner is required to pay tax on their share of the net income they receive. As with a sole trader, you and your partners are personally liable should you incur any debts.
This is a good option when you have employees or are looking to protect your assets, a company is a separate legal entity that has the same rights as a person – they can incur debt, sue and be sued. As the owner, you can limit your personal liability and are usually not liable for company debts. However, setting up a company can be initially expensive and has complex reporting requirements.
A trust is an arrangement that allows a third party (the trustee) to hold assets on behalf of beneficiaries. For example, you may create a trust to provide ongoing support to a family member under your will, to provide tax-effective real estate planning, or to benefit a charity. While a trust has its merits, it can be difficult to set-up and maintain and is usually best left to the professionals.
Can I Get My Own Client Manager?
Can I get my own client manager?
When you elect to work with Link Accounting and Business Solutions, you will be assigned your own client manager. That means you have someone you can contact directly for advice and support when you need it – instead of being put on hold or transferred through a chain of people. Of course, you will still have access to the resources of our entire team should you require it.
How long will it take you to finish my work?
For most jobs we provide an Engagement of Work Letter, which clearly details the services to be provided, the full costs, and date we anticipate to complete the job. Provided all information has been received, our turnaround time is usually 3-4 weeks depending on the task.
Got an urgent job? Talk to us and we will endeavour to complete the work sooner.
Am I In Your Service Area?
Am I in the Link Accounting and Business Solutions Service area?
We are based in Canning Vale and Kelmscott, however we have client visits throughout Perth. You can organise to have your client manager visit you by contacting our office and arranging an appointment if you are not already included on our quarterly client visit schedule. All individual tax return appointments are held at our office premises.
Will you visit me at my place of business?
Yes. Visiting you at your place of work gives us a better opportunity to develop an understanding of your business situation, as well as a chance for us to demonstrate some of the skills and knowledge we can use to help your business.
Please Contact Us or call 08 9455 7022 to arrange a complimentary appointment.