You need to decide the type of trustee - individual or company. Factors to be considered when deciding on number of members and trustees are;

• There should be at least 2 individual trustees for a single member fund. In case of Corporate Trustee there can be a single member who is sole Director
• All members should be trustees or Directors ,in case of Corporate trustee
• SMSF can have a maximum of 4 members
• Fund’s investments should be held in the name of individual trustees or Corporate trustee, as Trustee for the Fund
• Every trustees name must be listed – so if a member leaves you must change the docs and ownership of the assets. In case of Corporate trustee, ownership of assets is not affected if a member leaves or dies
• Penalties – if the SMSF breaks the super rules, each trustee gets fined individually, whereas for corporate trustee, penalty is levied once and directors share the fine between them.