When commencing or acquiring a business or deciding to reorganise your business, you usually have a choice in deciding which type of structure you will use for business operations.

If you decide to operate the business in your own name, you are a Sole Trader.

If you decide to join with another person or persons and share profits and losses at an agreed ratio, you will be operating as a Partnership.

Other business structures include Companies, Discretionary and Unit Trusts.