Please enable JavaScript.
Coggle requires JavaScript to display documents.
ICE CREAM BUSINESS (NEW), BEST Business Structure for family Situation -…
ICE CREAM BUSINESS (NEW)
Recipe
Genevieve (Daughter)
Will Share with Other family Memebers
Working at the Bar
Very Secretive of her receipe
Financial Matters
Able to Finance for two Daughters
Genevieve & Grady
Study Overseas
Some Business income contributed to Daughters saving account
Able to Save $$ in Tax by splitting
Not sure how it works
Capital for the business
Bank Loan?
Tilly (Wife inheritance)
Jayce (Private person) Would like to keep private about profits and finance matters.
Family Members
Jayce (Father)
Genevieve (Daughter)
Grady (Daughter
Tilly Wife
Not a healthy stable relationship
Weather - Very Cold Part of Australia
Winter Months Sales?
Tourist
No other Bar in that Area
Work Allocations
Jayce (Father) - Most of the work Responsibilities
Tilly (Wife) would like to have some too
Genevieve Not sure if want too
BEST Business Structure for family Situation
Partnership
Buiness for small group of ppl (Family)
PTY Company
Sole Trader
Company and Owner is the same
Not a SLE
All earning go to Owner
Advantages, Inexpensive to start up, Offers privacy with minimal reporting requirement & can port over to another legal framework, can draw personal cash from the business.
Disadvantages - unlimited liabilities, Personally liable, profits are taxed on sole trader marginal tax rate, Not allowed to issue tax-raising funds will be difficult, more difficult to finance loan than limited companies.
Public Company
Trust
A trust structure is typically more expensive and complex to set up and manage than a corporation structure, thus it may be difficult for a small business to keep up with.