Company Overview
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 18 Nov 2014
Introduction to Starting a Company
Setting up a new company can be a complicated process and it is important to ensure that the structure you choose will satisfy the needs of your business now and in the future.
A company may seem like the obvious choice and it does convey many benefits including tax concessions, market acceptance, the potential for limited liability and ease of selling the company if you wish to do so.
However companies can also have disadvantages in terms of complex reporting and record keeping requirements, the expense of setting up and maintaining the company’s registration and the strict rules about what a company can and can’t do. Directors and other office holders of a company also have heavy responsibilities that they must comply with.
Understanding how these considerations will affect your particular business will help you to decide whether a company is right the right structure for your business.