At this stage of your preparation to venture into business, you should have covered ample ground in terms of the following:
- You should be in business already or you should have decided to start one.
- You should be quite some way into your planning process, and have a very good idea of the partners involved, if any.
Once you have made up your mind about opening a business, you will have to decide what type of business structure to use. Your first step will be to get acquainted with the options available to you. The business structures available to small business owners are sole proprietorships, partnerships, close corporations, private companies and trusts. Each of these business structures has its own advantages and disadvantages and each confers different responsibilities, liabilities and opportunities for creating wealth. (Refer to Factsheet