Business Planning and Structures

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Business Planning and Structures

At Banyan Consulting, we  advise that when selecting the business structure for your business that your choice is where you would like your business to end out.  Swapping and changing this structure at a later stage can not only be costly but also incur a capital gain and therefore incur taxation costs.  There are a number of elements that need to be considered in the choice of structure – likely profitability of the business, the stakeholder taxation position and the industry risk of the business (the type of industry may also define the best structure in which to operate your business).   Getting this structure right is key and our team at Banyan Consulting can help you to best make that decision. Business Planning and Structures.

Business Planning and Structures

Business structures to consider….

  • Sole Trader
    Sole traders are individuals operating a business trading either under their own personal name or registered business name.  For taxation purposes the sole trader is responsible to pay any taxation on profits as if it their own income.  Some of the benefits of acting as a sole trader is you make all the decisions and directions of your business and it is quick and easy to set up.
  • Partnership
    When two or more people operate a business with the intention to create a profit, a partnership can be formed.  Partnerships are governed by state laws and any partnership agreement that has devised to specify any partnership arrangements.  A partnership is considered as a separate entity and therefore must have a Tax Fie Number and submit an annual tax return.
  • Company
    Being a legal separate entity from any shareholder and is governed by Company Law administered by the Australian Securities and Investments Commission (ASIC).  Benefits of companies include a form of asset protection – separating personal assets from the debts of the company.
  • Trusts
    Not being a separate legal entity, a trust refers to an obligation between persons and property for the benefit of beneficiaries. Trusts can provide a benefit of splitting income to achieve tax benefits and can assist in protecting family assets from various liabilities.

Business structures can be a mine field, getting the right advice is imperative for your future success.  Contact our team at Banyan Consulting today to get the right advice in your business structure. Business Planning and Structures.

Dear clients


As the lockdown rules have now tightened for all New South Wales, our office is closed during the lockdown period.


All Banyan team are now working from home until further notice. This, unfortunately, means we will not be able to collect mail correspondence relating to your matters (e.g. mail from the ATO, etc.) on a regular daily basis. (our PO Box is located in Sydney CBD).


Please expect some delays in our paper-based correspondence to you in the coming weeks. All correspondence will be sent electronically via email or via the Client Portal, until the lockdown restriction eases and allows us to re-open.


Rest assured we are doing our utmost to keep things moving and work around this restriction.


Banyan Consulting's office landline 02 9283 9888 , website and all electronic communications remains active during office hours (8.30am -5.30pm) as usual.


For this, we kindly ask for your understanding and patience.

Please stay safe and positive.


Warm regards

Banyan Consulting team

Important: NSW Lockdown Restriction - expect delays in our mail correspondence - Banyan Consulting