I am going back and forth about whether to register a business (sole trader or partnership) vs registering a company. We are startup creative production house (up to now we've been making student films and personal independent projects) and given the nature of industry (creative arts - music/film/tv), I am sure we are going to run at a loss. Having said that I want to protect myself and team within the business. What is your suggestion or recommendations?
I'm not sure if this is exactly what you are after, however if you all have certain skill sets in your business, have you thought about Insurance, in the form of Key man? In other words if one of you were to fall sick with an illness, have an accident and unable to work how would this affect the business, in terms of revenue and man power? Let me know if you would like to discuss further.
It depends on what you mean by "protection". If you are looking fore the best structure to protect your personal assets, you are best to speak to your Accountant about that. He/she is best qualified to advise you.
If you are talking about insurance protection, there are many types of protection you can have, ie income protection, loss of profits, building insurance, key man insurance etc. I'm not an expert in any of these fields but can certainly recommend people who could help you with the information you seek, depending on your objectives.
I haven’t put my contact details in the email because the will be redacted. If you wanted some further assistance, please search for me through the "Industry experts" tab and click on my business name under "Name of Business" and all my contact details are there.
Bayside Finance Group