Business Structures: Partnership vs Company Report - LAWS20059

This report provides an in-depth analysis of business structures in Australia, specifically focusing on partnerships and companies. It begins with an introduction to various business structures, including sole trader, partnership, and company, highlighting the unique features and considerations for each. The report then delves into the specifics of partnerships, outlining their characteristics, advantages, and disadvantages, along with relevant legislation such as the Partnership Act. The discussion further extends to companies, examining their legal status, classifications (public and proprietary), and key advantages and disadvantages. A comparative analysis is presented, addressing client concerns related to costs, liability, and fiduciary duties, culminating in recommendations for the most suitable business structure based on the clients' specific needs. The report emphasizes the importance of understanding liability, regulatory burdens, and the implications of winding-up procedures for each structure, providing a comprehensive overview of the legal and practical aspects of business formation in the Australian context.