Z4S – Who Can Start a Business

Hi there, Victoria, author of Zest for Success. And my why question today is who can start a business? The reality is that anyone can start a business. If you’re under 18, you need some help from a parent or guardian to sit bank account someone to do the registrations, because you can’t do it in your own name. However, if you’re over 18, and you’re not a bankrupt person, there is nothing to stop you from starting a business. What I do suggest to you though, is that you speak to your accountant to work out the best entity that you want to set your business up in. And there’s a couple of things to take in mind there. Yes, there’s cost, you want to do it as cheap as possible. But you also want to look down the track. Whenever you start a business, you want to start it to sell. So making sure that whatever entity you’re operating your business out of is going to give you awesome tax advantages. Now that’s income tax in the short term, capital gains tax down the track, and of course, making sure you’ve got your assets protected. So anyone can start a business. You can set a businessup as an individual, a partnership, a trust or a company, but talk to your advisor. They’re the ones who know your situation, can work out the best structure for you. So that’s my why for today. See you on the other side.

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