WELLINGTON, July 24 (Xinhua) -- A new online tool to help New Zealand small business owners quickly and easily choose their business structure was launched by Small Business Minister Stuart Nash on Tuesday.
Most businesses in New Zealand are either sole traders, companies, or partnerships. It can sometimes be daunting or confusing to decide which structure works best for your business, Nash said in a statement.
New Zealand business structures have different legal and financial obligations which can affect the ability of a business to evolve or grow, Nash said.
"We are committed to helping New Zealand small businesses succeed, and that means ensuring they know where to get support from the very beginning," he said.
The online tool, Choose Business Structure, asks small business owners three quick questions which help determine whether a sole trader, partnership or company structure is likely to be more suited to their business, the minister said.
The new tool takes an all-inclusive view of the various obligations and considerations businesses will face, such as tax, financial statements, and indemnity insurance, he said, adding it was developed in collaboration with the Companies Office, New Zealand Business Number, Inland Revenue, Accident Compensation Corporation (ACC), and the private sector.