Indie Hacker in Australia - what business structure?
Does anyone have experience about what business structure to choose when registering business and when to register a business before launching your product?
I am close to rolling out my MVP and I can imagine (or so I hope of course) to get a few paying customers and I am trying to ascertain what business structure I have to choose, if I need insurance, etc or if I should roll without one for a while until I have validated my idea.
This is specifically for Australia and, I would imagine, would be somewhat different to the US?
Hey Johannes, as you can imagine there are a number of options available. However, when we started, I wanted to set up as a private company. It meant that it was real thing and not a trust or partnership or something else.
"Pty Ltd is an abbreviation for Proprietary Limited. Proprietary means the company is privately held and the Limited means the liability of the shareholders to pay the debts of the company is limited by the amount of shares. ... If there is a company secretary then at least one must live in Australia."
I also know individual operators that have set up a family trust.
Thanks for the reply Nomis.
Is there anything in your view that speaks against starting off as a sole trader first?
Nope. You should do what suits you. When I started my first company we were two co-founders. Which was a 50/50 percent split and hence the company.
Hi Nomis
Did you set the structure by yourself or you’ve asked a lawyer? Cheers
Hey Remi, I asked my accountant to set it all up for me. If you're in a partnership with another founder... then generally that's when you get a lawyer involved. Cheers Simon
Yes make sense
Thanks Nomis
Here you go https://hillyerriches.com.au/
Thanks 😊