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The government has launched a new online tool to help small business owners quickly and easily choose their business structure.
The Choose Business Structure tool asks small business owners three quick questions that help determine whether a sole trader, partnership or company structure is likely to be more suited to their business. It takes an all-inclusive view of the various obligations and considerations businesses will face, such as tax, the ACC, financial statements, and indemnity insurance.
“New Zealand business structures have different legal and financial obligations, which can affect the ability of a business to evolve or grow,” Minister for Small Business Stuart Nash said. “It’s important for businesses to get it right the first time.
“We are committed to helping New Zealand small businesses succeed, and that means ensuring they know where to get support from the very beginning,” he added.
The minister said the tool also offers practical tips, comparison tables and suggests when a business owner should talk with experts. The idea is it gathers information in one place so that small business owners can make decisions with confidence.
“There are of course other structures such as trusts, unlimited liability companies, and co-operatives,” Nash added. “I encourage business owners to check the new tool and explore other resources available from MBIE.”
The tool was developed by business.govt.nz in collaboration with the Companies Office, New Zealand Business Number (NZBN), Inland Revenue, ACC and the private sector.
