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Determining the right business structure for your practice is important from a tax and liability perspective. In this episode of practiceDNA we interview Shane Macfarlane from liveaccounting.com.au. Shane is an accountant with many years of experience and he guides us through the 4 main types of business structure that you can consider. While this episode relates to Australian law, many common law countries have similar structures so listeners from these countries will find the episode to be of benefit as well.
Determining the correct business structure for you has many implications including tax, personal liability and you ability to sell the business down the track. While you should always seek your own professional advice, Shane gives an excellent overview of the four main ways you can structure your business so as to legally minimise your tax and reduce your personal liability in the event that your practice is sued. While none of us like to consider the possibility of being sued, taking some steps now can save a lot of stress and heartache in the future.
So take a listen to the episode and let us know what you think. Do you have any further questions that Shane may be able to answer? Leave a comment or question below.
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