Paul Siderovski

Paul Siderovski is the founder and managing director of SiDCOR Chartered Accountants, a firm that is committed to changing people’s lives by helping them achieve their business, financial and personal goals.

Paul Siderovski on making your business profitable

Almost everyone has the ambition to be an entrepreneur. To work for yourself and reach personal life goals. With the increasing pace of life, everyone prefers to create their own work schedule to meet the many demands of life.

Paul Siderovski from SiDCOR Chartered Accountants understands this. His business focuses on small medium enterprises (SME’s). He understands the importance of small business and has developed a strong passion in helping small businesses maximise their growth.

Correct business structure

Paul Siderovski understands that a correct business structure is critical. This is the starting point for Paul and his team at SiDCOR. Just as human resource managers will also correctly structure work teams, Paul Siderovski ensures businesses are currently structured to minimise taxation.

In Australia, there are four common business structures: a sole trader; partnership; trust(s) or a company. Decisions in determining your company structure will largely depend on start-up costs, including expenses to register the company and whether you retain complete control.

Being the easiest to establish, a sole trader is the simplest business structure. It is very easy and inexpensive to establish. A sole trader will be responsible for all aspects of the business and will lead all decisions.

A partnership involves a number of people who seek to run the business. The details of which are outlined in legal agreements between the two parties. Skills and valuable knowledge, along with financial funds can be pooled together.

Trusts represent an important responsibility in overseeing property or assets in behalf of another property. While a trust reduces liability, a trust is not a separate legal entity. Establishing a company requires higher set up and running costs. It is a much more complex business structure. Although it is a separate legal entity. Business operations are controlled by directors and ownership retained by shareholders.

Paul Siderovski knows that incorrect company structures can lead to overpaying tax. For small businesses, this can be crippling. Businesses seek to maximise cash flow, and if the company is paying creditors, it only exacerbates the situation.