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Welcome to the first episode of Season 3.  In seasons 1 and 2, I discussed in rather broad terms some of the vital information that business owners should be aware of. Moving forward, I’ll be diving a bit deeper into these topics, sharing real-life case studies to add context to the information I’ve already delivered.

In this episode, I discuss the all information topic of business structure and what can happen when you’re not operating under the best business structure for you. I discuss the recent government stimulus packages during covid and how a lot of sole traders, unfortunately, missed out on the benefits that corporate entities were entitled to. 

I talk about a common experience that a lot of sole traders have when they are personally liable for their business expenses and the consequences that followed for one of my clients. I also discuss the process of changing business structures and how this created more flexibility for another client who wished to bring on an investor. 

There are many unknowns in life and in business but doing your best to think long term by including business structure in your planning will put your business in good stead for a successful future.

LINKS:

Website: tmsolicitor.com.au

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