As your business changes and grows you need to ensure that you manage these changes successfully. Growth can lead to significant changes that affect your business structure and tax requirements. If you have made significant changes to your business, remember to also update your advertising materials, such as business cards, signage and logos.
Review your structure
Your business structure is often the first thing to change when your business grows, particularly if you start as a sole trader and then want to take on a partner or even register as a company.
Choosing the right business structure is an important decision, so you need to investigate each option carefully to decide which best suits your needs.
Notify the relevant agencies
You need to ensure that your registration details are up to date, as certain changes may affect your tax and other regulatory obligations. If you wish to change your business structure, your legal or trading name or your contact details, you will need to inform the relevant agencies in your state or territory.