The commencement of the Personal Property Securities Act 2009 outlined by Prestige Legal & Corporate Services on 28 January 2011 has been deferred from May 2011 to October 2011 to allow more time to prepare for the changes.

Having the right structure can save your business time and money

There are four commonly used business structures in Australia, namely:

• Sole traders
• Partnerships
• Companies
• Trusts

There are real and potentially significant advantages in choosing the structure best suited to the way you want to operate your business.

As a business owner or potential proprietor of a business, it is important to understand these advantages and the responsibilities as they may affect:

• the way tax applies to your business;
• protection of your assets;
• your operating costs; and
• how other businesses deal with you.

You should use the information concerning business structures as a guide only.

Prestige Legal & Corporate Services recommends you talk to an accountant, tax professional, solicitor or other adviser before deciding which business structure to use.

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