Most people aspire to own their own businesses without clearly identifying the best way to do it. The ever-changing needs of consumers makes it even more complicated for entrepreneurs to select the right business to own. Most people already know that there's a world of possibilities out there for anyone who wants to start a business. The question is: how can you possibly narrow the possibilities down to find the type of business that's right for you? Business success research proves that most businesses do not survive for more than three years after inception due to poor business selections at the outset. It's paramount to choose a business which you understand from an operational standpoint or for which you have a particular passion.

Types of Business Structures

There are different business structures to choose from: sole trader, partnership, limited liability, trust, proprietary limited company, incorporated association and co-operative. There are also a few complex structures like a joint-venture (JV). You may want to contact me personally to discuss the most appropriate structure for your situation. For the purpose of this business guide, I will concentrate on sole trader, partnership and limited liability. You will need to decide on which business structure best suits your business and personal needs.

 

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