Yes, you can change your business structure – but it’s best to start with the structure of the business you strive to have, not the one you’re starting out as. We’ve given many founders strategic business advice about switching their structure down the track, and many others manage the consequences of having chosen the wrong structure.
Often business owners find out they chose the wrong structure the hard way: when they’re at risk of losing their home because of personal liability for business debts, or they’re not able to distribute profits how they hoped, or they’re paying way too much personal tax.