Are you considering which business structure would best suit your new professional practice? Or are you already running an established practice and want to ensure that the structure suits your needs?
It’s important that the structure of your professional practice suits the individual requirements of the professionals and the business. Gone are the days when professional practices were restricted to the traditional partnership structure. Regulatory changes in most professions have allowed professionals to choose from a range of practice structures, including:
- Sole trader
- Discretionary trust
- Partnership of discretionary trusts
- Unit trusts
- Service trust or service entity
How can our solicitors help you?
It’s important that your professional practice business structure is tax efficient and maximises asset protection. We have years of experience in professional practice structuring. Our clients in this area include law firms, medical practices, accountancy firms, and veterinary practices. We can:
- Provide advice on the most appropriate practice structure according to your needs
- Set-up a practice structure
- Draft necessary documents such as company constitutions, trust deeds, partnership agreements, and shareholder agreements
- Assist with the entry and exit of professionals in a practice
- Review the efficiency of an existing practice structure
- Restructure an existing practice
Want to talk to our experienced commercial solicitors in Newcastle, the Hunter or Sydney? Call us on (02) 4929 7002, email us or complete an enquiry form.
TOP 10 CONSIDERATIONS IN PROFESSIONAL PRACTICE STRUCTURING