Before starting a small business, it's important you choose the best structure for your business type. The most commonly used business structures are sole trader, company, partnership, and trust.
Set up as a sole trader
Operating as a sole trader is the simplest and cheapest business structure you can set up. You control and manage the business, and although you 'trade' on your own, you can still employ people to work for you.
Register a company
If you've decided a company structure is best for your business, you'll need to register your company with the Australian Government.
Register a limited partnership
If you’ve decided a limited partnership structure is best for your business, you’ll need to register the limited partnership with the NSW Fair Trading’s Registry Services.
Set up a trust business structure
A trust is an obligation imposed on one person or entity – the trustee, to hold property for the benefit of another – the beneficiary. The trustee can be an individual or a company, the latter providing some asset protection.
Register a co-operative
If you've decided a co-operative is best for your business, you'll need to register the co-operative with NSW Fair Trading's Registry Services. All members of a co-operative have equal status and voting rights.