Small Business Minister Stuart Nash launched a new online tool that will help small business owners to choose their business structure quickly and quite easily.
According to the report released by the New Zealand Government, Choose Business Structure takes an all-inclusive view of the various obligations and considerations businesses will face such as tax, ACC, financial statements, and indemnity insurance.
Minister Nash explained that most of the businesses in New Zealand are sole traders, companies, or partnerships. It can be intimidating sometimes or even confusing to decide which structure works best for the business.
He furthered that each kind of New Zealand business structure has different legal and financial obligations which may affect the ability of a business to evolve or to grow. This is why it is important for businesses to get it right the first time they do it.
The NZ Government is deeply committed in helping the country’s small businesses to success, so it is very important that they know where to get support from the very start.
Choose Business Structure is an online tool developed by business.govt.nz. The new tool asks business owners three quick questions that will help figure out which among sole trader, partnership or company structure is likely to be more suited to their business.
The tool is very helpful to business owners as it also offers more practical tips, comparison tables and even suggests when a business owner should talk with experts. It allows for information to be gathered in one place, making it easier for small business owners to check and make decisions with confidence.
For those who are already in business, the tool is also useful as it is a good way to check if the business is operating under the right structure.
Minister Nash added that there are more structures available such as trusts, unlimited liability companies, and co-operatives. He encouraged business owners to check and try the new tool. They should also explore other resources that are available from the Ministry of Business, Innovation and Employment (MBIE).
A new suite of tools was designed by business.govt.nz. Choose Business Structure is a part of the suite which helps business with guidance personalised to their individual needs.
The tool follows the launch of a revamped ONECheck in May, which allows potential business owners to check if the business name, web domain, trade mark and social media usernames are available. It is now being searched almost 2,000 times a day.