Business Entities series: Business Structures. Paper 03.01

1. BUSINESSENTITIES Business Structures

2. 1. Operation Of A Small Business Sole Trader Partnership Discretionary Trust Unit Trust Company www.lewistaxation.com.au

3. 2. Sole Trader John J Smith "John J Smith Nursery" Personally liable Personal assets www.lewistaxation.com.au

4. 3. Partnership Liability is unlimited Written Partnership Agreement www.lewistaxation.com.au

5. Settlor Trustees www.lewistaxation.com.au 4. Discretionary Trust

6. Alternative to a Partnership Units Trustees Settlor (may have) www.lewistaxation.com.au 5. Unit Trust

7. Public Company Private Company Private Company - the most popular entity for small businesses One Director and one Shareholder Separate legal entity Not subject to a time requirement Discretionary Trust wound up www.lewistaxation.com.au 6. Company