Business structures are often discussed in isolation, whether they be sole traders, partnerships, companies, or trusts. In Australia, however, it appears that there is a trend for professionals to recommend to Australian small and medium enterprises (SMEs) a combination of business structures for the one business operation. It is important to have a greater insight of why this is occurring, as it adds to our understanding of what is effective business structuring, as well as possible areas of reforms. Despite the significance of SMEs to the Australian economy there is little empirical evidence about the reasons for SMEs adopting a combination of structures. This research seeks to provide a foundation to our understanding through in-depth interviews with SME advisers about what is trying to be achieved through such combinations, and what are the attributes of an effective business structure. The results suggest that enhanced tax outcomes and asset protection are central to these combined structures.