How to change to a trading trust for your business structure
A trust is often used to provide better tax result, sharing income among the beneficiaries and to help provide some asset protection where possible. For more information about trusts please read this article Discretionary Trusts
If changing your structure has been suggested by your trusted advisor and you have reviewed all of the pros and cons of changing how you operate your business and have agreed that using a trading trust is the right choice for you your next exact step is to work with your certified practising accountants at Excas Accounting to implement that change. There are a few important steps to take to make sure that your business can keep operating smoothly while you make the swap from a sole trader or partnership over to a trading trust.
It is a bit fiddly but here is the basic steps that need to happen in my Change Over Checklist: Moving from Sole Trader to Trust