Question: What is a legal structure?Answer:
There are 4 different legal structures when starting a business; sole trader, partnership, company and trust.
Choosing the right one is very important, failing to do so can impact your finances substantially. The right structure can help you limit you own personal liability for any debts the business might incur. If you choose the wrong structure however, you are at risk of losing personal assets such as property and paying more tax than is necessary.