Choosing the Right Business Structure Determining the appropriate structure for your business is a critical decision, and we are here to provide guidance on the best path forward. Various accounting and taxation factors come into play when making this choice.

For most new businesses, there are four primary structure options: the simplest being a sole trader, with others including the formation of a partnership, limited liability company, or limited liability partnership (LLP). Each structure carries distinct tax implications and personal liability considerations for business debts. The selection of your accounting year-end date can also impact your taxable profits and payment deadlines.

At Moonstone Accountants, we simplify the decision-making process by helping you understand the pros, cons, ongoing filing requirements, and tax implications associated with each structure. We aim to assist you in determining the ideal format for your business. By ensuring that all the proper procedures are followed from the outset, we help you establish your business on the right footing. Our commitment is to ensure that your early business planning decisions are informed by reliable, timely, and accurate information, thus securing the most favorable tax position.

Furthermore, once we’ve identified the best-suited structure for your small business, Moonstone Accountants will develop a customized business plan tailored to your specific needs.