Decide on a business structure

You need to decide on the business structure that best suits your business needs. This decision will determine what type of registration procedures you need to take.

Obtaining legal or other professional advice can help you understand your own particular circumstances.

The four main types of business structures commonly used by small businesses are:

• Sole trader: an individual trading on their own
• Partnership: an association of people or entities carrying on a business together, but not as a company
• Trust: an entity that holds property or income for the benefit of others
• Company: a legal entity separate from its shareholders.