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How long is a length of string ?? Co issues - Liability risk, easy to liquidate, can "grow up" and become public listed, adding shareholders in some states may mean its dutiable, value shifting rules, ASIC formalities and potential offences under Corps Act, voting ? deadlock ? Directors...

Unit trust can be VERY effective for changes to "partners" without duty problems. That and NEVER registering an company in NSW !!!!! Companies have some value shifting problems + stamp duty valuation issues (OSR are bandits) Class discretionary trust can be an alternative for a two family...

There WILL be tax issues. 1. Trust cant pay wages to "beneficiaries". (Sort of !) Akin to partnerships paying wages to a partner. ATO deny deduction then assess 47% tax on trustee for undistributed income + penalties. 2. Trust distributiosn likely partially (or for those who dont know 100%)...