Choosing the right business structure

This month’s spotlight focuses on the crucial topic of business structure and how it affects tax obligations and liability. Choosing the right structure is essential, as it impacts your legal responsibilities, tax efficiency, and personal exposure to risk. Key considerations when deciding on a structure include understanding the various options, such as sole proprietorship, partnership, limited company, or LLP, and the implications each has on tax and liability. Additionally, the spotlight delves into the legal and regulatory requirements tied to each structure, helping business owners make informed decisions that best suit their goals and compliance needs.