Presentation for INVENT WA by James Irving, Lawyer

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Presentation transcript:

Presentation for INVENT WA by James Irving, Lawyer BUSINESS STRUCTURES Presentation for INVENT WA by James Irving, Lawyer

Different Types of Structures Sole Trader Trust Company – Pty Ltd (proprietary limited) Company – limited by guarantees Incorporated Association Co-operative Partnership Joint Venture

Sole Trader An individual operating on his/her own. Income is taxed at marginal tax rates. May need to register business name. Needs an ABN if income >$75K. All liability is personal.

Trust Relationship: trustee/beneficiary/assets. Only acts through trustee. Can own property, incur liabilities and pay taxes. Doesn’t pay income tax if ALL income is distributed in the relevant FY. Advantages: splitting income among beneficiaries flexibility regarding income and assets

Company – Pty Ltd Share capital. Up to 50 members. Limited liability. Structure: shareholders (members) and board (directors). Can own property, incur liabilities, and has independent existence. No tax-free threshold (unlike individuals).

Company – limited by guarantees Instead of shares, has guarantees from members. Often used by NFP entities. Minimum 5 members (Pty Ltd can have sole member & sole director). Has similar powers and structure to Pty Ltd.

Incorporated Association Used by broad membership bodies like clubs. Must be an NFP: Can’t be formed for the purpose of securing profit for its members: s.5(1) AI Act 2015 (WA). Is a corporation: can own property, incur liabilities and has independent existence.

Co-operative Popular in agricultural sector. Can be for-profit or NFP. Democratic structure: each member has only one vote. Is a corporation.

Partnership Can be between individuals or other entities. Is a relationship that dissolves and re-forms when one partner leaves or a new partner is added. Has special taxation rules. To outsiders, each partner is 100% liable for partnership debt.

Joint Venture A contractual relationship. Usually of limited duration (sunsets). Can involve a SPV (special purpose vehicle) e.g. a company in which the partners own shares. IP issues: normally new IP will be owned by SPV – what happens when SPV is dissolved?