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1 year ago · by

Sole Trader And Thinking Of Changing To A Company?

Sole trader or a company? That question is frequently asked by business owners when their business is growing. So, how do you know if your business structure should remain as a sole trader or change to a company, and what does this mean for your legal requirements? It can be difficult to decide between the two various structures, and it’s important to understand the difference in order to discover which suits your business.

For example, with the two different structures, there are differing regulations around taxation, liability, your responsibility and how your assets are protected in the event something should go wrong. Understanding the differences between the two and structuring your business correctly  is important, so how can make the correct decision?

Sole Trader/Company Resources & Checklist

The Australian Taxation Office (ATO) provides free resources below which can be helpful in discovering which business structure is right for your requirements.

ATO Business Structures Resource

Also, click the button below to access the Business.gov Sole Trader/Company Checklist to find out the key differences.

Sole Trader/Company Checklist

The Sole Trader/Company Checklist provided by the ATO & Business.gov could prove useful in deciding whether to setup your business structure as a sole trader or a company, if however you are still unsure, please seek independent professional advice.

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PSB Insurance Brokers

Melbourne Head Office:
Suite 1, 43 Railway Road, Blackburn
3130 Victoria, Australia

Adelaide Office:
1 Finniss St, North Adelaide
5006 South Australia, Australia

Contact Details

Melbourne Head Office:
Tel: (03) 8841 3300
Fax: (03) 9894 1115

Adelaide Office:
Tel: (08) 8361 8872

(03) 8841 3300

Hours: 9:00AM - 5:00PM