What is a legal structure?

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.

Answered by Lachlan McKnight

Lachlan is the CEO of LegalVision, an innovative and tech-driven law firm. LegalVision is disrupting Australia's legal industry and transforming the way in which Australian businesses access legal services. He previously worked as a corporate lawyer and investment banker in London, Paris, Amsterdam and Hong Kong. Lachlan specialises in banking and finance, capital raising and startups.

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