You can either start your own business from scratch, or buy an existing business or franchise.
Whichever you decide, you will need to work out the most suitable business structure for your type of business. Each has its advantages and disadvantages but it is something that you need to think about before you begin.
You may want to operate as a sole trader or partnership to reduce the administrative costs and simplify matters. Trusts are also sometimes used as a way of holding a business. Further information about how each of these structures work are set out under the following headings:
As a business grows or if the enterprise is more complex or ambitious, a company might be more suitable. Further information about companies and how they are run can be found here:
Purchasers of businesses and franchises have certain protections under the law, and there is further information here:
The content of the Law Handbook is made available as a public service for information purposes only and should not be relied upon as a substitute for legal advice. See Disclaimer for details. For free and confidential legal advice in South Australia call 1300 366 424.