What business structure do you plan to use?

Sole trader

You own the business on your own. You’re responsible for all decisions and losses in your business, and you report the business income in your personal tax return.

Partnership

You and your partners own the business together, and share responsibility for decisions and losses in the business. You each report your share of the business income in your personal tax returns.

Company

A company is a separate legal entity from you, and has at least one shareholder (owner) and one director (who runs the business). Income and losses belong to the company.

Trust

Your business is held and controlled for the benefit of others (the beneficiaries). A trustee is responsible for everything in the trust, including income and losses.