Cumberland Business Chamber: Starting Your Business to Sell at a Profit
Starting your business by identifying the correct structure, finding funding and utilising it in the most tax efficient way, getting your legal papers in order to outline relationships, borders, duties and responsibilities and developing a strategic plan of attack will destine an immense success or a terrible failure.
Jim Vass, Partner at ATB Chartered Accountants, Accountant, Taxation and Business Advice Specialist, will be giving a speech on the 14th of May 2014 at the Cumberland Business Chamber in Eastern Creek in order to make the complex subject of business structure simple and clear. As a qualified CPA and a founding partner of ATB Chartered Accountants, which is based in Parramatta, Sydney, Jim’s mission is to make businesses flourish. He is one of the most reliant people to go to when it comes to making the right decision about your business structure.
Without getting into too much detail, there are three main types of business entities available in Australia:
• A sole proprietorship, which is one of the most common forms of business organisation, is easy to form but risky to run. The owner of personally liable for all the financial obligations of the business.
• A partnership involves two or more people who agree to share in the profits or losses of a business. Although this kind of organisation is full of advantages, a partnership can be a challenging venture due to the personal liability of all the partners for the financial obligations of the business.
• A corporation is a different beast. It becomes an entity separated from those who founded it” which handles the responsibilities of the organisation. Like a separate living being, a corporation can be taxed and can be held legally liable for its actions. However, the owners are hidden behind the “invisible” man of this structure. It also implies extensive record-keeping and might require larger funds.
The three businesses entities are only a drop in the ocean of the business structure world. There are public companies, trading cooperatives, combinations, hybrids, trusts, LLCs and much more. Why is it so important to understand and differentiate between those?
Well, how often do you decide to purchase a new car after only checking its colour out? Before diving into the self-employment and injecting all your time, money and attention into your business make sure it is ready to float not sink.
COME ALONG ON THE 14TH OF MAY 2014 TO THE CUMBERLAND BUSINESS CHAMBER to take a crucially important business structure’s guide away with you to make your business plan work.
SOME OF THE TOPICS WE WILL BE DISCUSSING ON THE DAY:
• What is the correct structure to operate the business
• What funding is available and how to utilise it in the most tax effective way
• Partners/shareholders agreements, which will outline the working relationship between parties and the manor the parties can dissolve their business relationship
• Strategic planning in order to envision the future of the business and develop the necessary procedures and operations to achieve that future
$20 for Chamber Member and $40 for non – Chamber Members
Location: At 1 Peter Brock Dr, Eastern Creek NSW 2766
From May 14, 2014 07:00 until May 13, 2014 09:00
This article is provided as general information only and does not consider your specific situation, objectives or needs. It does not represent accounting advice upon which any person may act. Implementation and suitability requires a detailed analysis of your specific circumstances.