There are seven structures under which you can register your business.
Each of these structures have advantages and disadvantages, and are suitable for specific types of business circumstances. When setting up a business, it is strongly recommended that you seek independent advice from an accountant or lawyer to identify which options are right for you.
These four are the most common forms of business structure in Australia. Click on each category for more information.
- Sole trader: an individual trading on their own
- Partnership: an association of people or entities carrying on a business together but not as a company, with specific Tasmanian enabling legislation
- Company: a legal entity separate from its shareholders
- Trust: an entity that holds property or income for the benefit of others
Additionally, there are three other structures that can be used for businesses, especially those which are for-purpose, community focused or benefit the public. These types of structures have traditionally more complex governance arrangements and are subject to more reporting to ensure income distribution is in keeping with their enabling legislation.
Click on each category for more information.