Business Structure Presentation 2022

Business Structure

Overview
• When selecting “partnership” as a
business structure, understand of its
characteristics is important.
• It can be general and limited.
• Partners share equal profit and loss in
general whereas liability is specific to a
certain extent in limited partnership.
• You should also select limited partnership
for your business.

Setting up
• Registration not mandatory, but it will benefit the
partners.
• During registration, number of partners, capital
contribution and their authorities are specified
(Business, 2020).
• Filling for “Tax File Number” for separate income
tax filling.
• Application to collect licences and registration for
managing the business.
• Create a partnership agreement establishing
authorities, liabilities, profit sharing ratio and roles.