Question: Why is it important to know the different available legal structures?Answer:
When starting up a business one of the first things you should consider is which structure is going to have the best long term benefits and reflects your goals for growth in the future. You will need to think carefully about the type of business you are going to run, how much control you wish to have over the decision making process and management of the business, as well as thinking about the potential liability you may have and any valuable assets you want to protect.
Each structure is set up in a different way, at varying upfront and ongoing costs. You will need to weigh up the pros and cons of each structure, as well as your own circumstances and business goals, and get legal advice, before you make this big decision.