Question for Fellow Australians.

[Bulgano]

I have a question to pose to my fellow Australian fastlaners or anyone that has experience with Australian business laws.
What is the best business setup for us to take?

In TMF , it is said that an LLC is the best one to pick. However, to me at least, this seems overkill for someone just starting in entrepreneurship.

An option I have considered is just taking an ABN (Australian Business Number), and getting liability insurance. Is this a dumb way of doing things?

I mainly pose this question since for an LLC, at least in Australia, they are making it very hard/confusing to make one. I dedicated almost the whole part of today trying to sort out an LLC and was trying to start getting paperwork filled out, but with no luck.

 

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[Oztrepreneur]

I have a question to pose to my fellow Australian fastlaners or anyone that has experience with Australian business laws.
What is the best business setup for us to take?

In TMF , it is said that an LLC is the best one to pick. However, to me at least, this seems overkill for someone just starting in entrepreneurship.

An option I have considered is just taking an ABN (Australian Business Number), and getting liability insurance. Is this a dumb way of doing things?

I mainly pose this question since for an LLC, at least in Australia, they are making it very hard/confusing to make one. I dedicated almost the whole part of today trying to sort out an LLC and was trying to start getting paperwork filled out, but with no luck.

The answer is....it depends.

Some have better tax implications, depending on if you are doing it as a side gig and are already in high income tax bracket
Some have better legal protection implications

I'd say a pty ltd. company is the closest to a LLC. These are easy to setup online and cost around 400-500. You register an ACN for your company and also your company name, you can list as director.

But like I said totally depends on your individual circumstances and plans.

 

[Bulgano]

The answer is....it depends.

Some have better tax implications, depending on if you are doing it as a side gig and are already in high income tax bracket
Some have better legal protection implications

I'd say a pty ltd. company is the closest to a LLC. These are easy to setup online and cost around 400-500. You register an ACN for your company and also your company name, you can list as director.

But like I said totally depends on your individual circumstances and plans.

Thanks for the reply. Glad to see there are other Australian members on here.

At the moment, I'm just trying to set something up for me to start with and try out some ideas, so I think your suggestion of a pty ltd is perfect.
Do you make an ACN, and then provide the ACN when making the pty ltd company?