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Sam L.
Sam L.
Cabarita, NSW
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Setting up an online fashion business with three partners and looking for a tax specialist to help structure the business as we hope to have a number of overseas customers. What else do we need to be considering in regards to insurance, shareholders agreements, thank you

11 months ago

Responses

overseas customers are still customers. income is still income. unless you are looking to avoid reporting income on overseas activity, which may or may not be legal or acheivable.......
but if you are looking for a bullet-proof one-size-fits-all business structure then you will probably be dissapointed.
maybe a company is your best bet
maybe a unit trust
maybe a partnership
maybe a unit trust held by three family trusts
there are plenty of options.......
they all have pros and cons.
DEFINITELY GET AN AGREEMENT IN WRITING!!! call it a partnership agreement or shareholders agreement or whatever but you absolutely need to get it on paper.
If you dont already have one, find a CPA or CA who can provide the advice and support as your business grows......and factor these costs into your budget....and remember if you cheap out on advice early you are almost certainly short-changing yourselves in the long run. Good advice aint cheap, and cheap advice aint good.
Find someone who you are all comfortable with, and make sure that the firm can provide you ALL with advice specific to each of you, and also takes into account everyone when offering you that advice
good luck
bc

Totally agree with Brendan,

There is no straight forward answer when it comes to structuring your business, get the right advice by finding the right accountant. Don't go shopping for a cheap accountant.

Best of luck.

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