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  • #977685
    TheVeReX
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    Hey everybody,

    Long time reader, now its my turn to ask a question!

    My Friend & I are looking at starting our own E-Commerce website selling car accessories (Aftermarket, We have found a particular niche here that has had plenty of research put into it).

    My question relates around the business structure we should choose for now & our future. This is where it gets interesting. Theres a few concerns:

    1) My partner can not have his details in the public domain (such as ABR.com.au etc) due to a conflict of interest with his current employment. Registering as a partnership provides both partners details as we are the entity.

    2) I am concerned that if things went belly up, that personal assets could be effected. We are both of the age where we would look at soon purchasing our own personal assets (A house, unit etc). We want to avoid any personal loss this if possible. Would this entail us going down the path of a Trust or a Company?

    3) I am already in the $37,001 – $80,000 (30%) tax bracket for my current employment. If I was to run this business and provide myself with income, I would most definitely be escalated to the $80,001 – $180,000 (37%) bracket. Could somebody please clarify what I would do here for a tax return?

    I am located in the Melbourne Area. Any Feedback, Contact Details for Accountants, Lawyers or anyone that could help us would be greatly appreciated.

    Happy business!

    #1099977
    Anonymous
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    • Total posts: 11,464
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    Hi TheVeReX,

    Thanks for joining the forum – welcome aboard :)

    I’m not the right person to answer your question, but hopefully you’ll receive the advice you’re looking for soon.

    All the best for the new business,
    Jayne

    #1100078
    Anonymous
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    • Total posts: 11,464
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    Hi TheVeReX,

    Thanks for joining the forum – welcome aboard :)

    I’m not the right person to answer your question, but hopefully you’ll receive the advice you’re looking for soon.

    All the best for the new business,
    Jayne

    #1099979
    TehCamel
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    • Total posts: 873
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    hi theverex,

    look up Xavier Xi from Axle Edge Accounting – he’s located in Williamstown, is an FS member, and has provided myself and several others here with excellent advice regarding structure.

    For an off-the-cuff answer – go with a trust/company structure…

    and.. if you need IT support or advice.. feel free to look me up :D

    #1100080
    TehCamel
    Member
    • Total posts: 873
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    hi theverex,

    look up Xavier Xi from Axle Edge Accounting – he’s located in Williamstown, is an FS member, and has provided myself and several others here with excellent advice regarding structure.

    For an off-the-cuff answer – go with a trust/company structure…

    and.. if you need IT support or advice.. feel free to look me up :D

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