Companies can be good strong structures for some businesses. Getting the shareholders and directorships right is the crucial part in setting up a company. But it’s not the only structure you should consider. If you are bringing together more than just people in your family it’s definitely a structure that should be considered.
Trusts can also be great structures for family businesses. They can be great for asset protection and distribution of profits and they are great for future capital gains when you can sell your business. Unit Trusts are another option if bringing together
Partnerships are still viable but obviously only if you have more than one person or trust. These don’t offer any risk protection though for you.
If you are just starting out by yourself, depending on your business type, this may still be an option, but will depend on your circumstances.
Don’t take the advice of what others may have done as your circumstances may be different, so come in for a consultation before you get set up.