As the business grows, there may be good reasons for changing the business structure. Examples include:

• a sole trader taking on a partner and so moving to a partnership structure
• a sole trader or partnership moving to a private company structure to give greater asset protection, allow staff to buy into the business or because customers are more comfortable dealing with a company
• a sole trader moving to a family trust structure to transfer the business between generations
• a private company listing to become a public company to raise funds for growth.

Each business structure has a different set of legal rights and responsibilities, tax implications and compliance obligations.

Contact a solicitor, accountant or your local Business Advisory Service for advice on changing business structures.

For more information contact:

• Australian Taxation Office (ATO) for information on business structures
• NSW Department of Fair Trading for information about business structures
• NSW Office of Fair Trading Business Licence Information Service (BLIS) for registration forms and information about licensing
• Australian Securities and Investments Commission (ASIC) for a range of resources to help form a company
• Access the NSW Business Advisory Services.