When you would like to setup a new business, then there is a need for you to know about its procedures and process only then you can get the outcome setup of the business as like you wished. If you are new to the business world, then there you would get lots of confusions and to get clarified up with that there you have to face lots of challenges. It would be really a hard task for you in that place sure the business setup services team can able to help you.
The five different types of business which one can prefer
Type 1: Unique business – Sole Proprietorship
In this type of business setup only the single business owner would owns a business under the sole proprietorship structure and here their personal assets would be seized up with their held of accountable.
Type 2: More than one owner – Partnership
In partnership the owner can be one or more individual.
Type 3: More than 20 partners – Company
It is based on setting up the common business that would be based on flexibility and it is also used for increasing up the credibility and here the employees are not held up with the proper responsible for any losses that had been incurred in the company.
Type 4: Limited partnership
This type of business framework is also as same as the partnership structure. Here they would have a general partner and a limited partner.
Difference between general and limited partnership:
- The general partner would have unlimited liability.
- The limited partner would have the limited liability.
Type 5: Limited liability partnership – with legal entity
In this type of the business set up would be in partnership. The partners would have their own limited liabilities but the business has the separate legal entity from the partners.
Even there is also a chance for you to change your business from one particular type to another type through submitting the ACRA.
Thinks that you should consider when choosing the company name
You cannot able to select the company name as such there you have to do some research work to find out.
- The name that you select should not be something obscene.
- The name should be identical and you should get the approval from the ACRA.
- It should not contain the words that have been directed up from the minister.
As like this there are lots of things that you have to consider when you are choosing the company address, tax and so on. But to avoid this you can pick up the best business setup services team who can able to help you in deciding all the things.