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.
In early December 2016, we undertook our first ever customer satisfaction survey and we chose to survey our entire client base via the Net Promoter Score (NPS).
It was a confronting challenge and we would like to share the results with you (unedited), and thank the 172 clients who responded. The survey, the results and graphs are supplied by independent parties (Glow and Steadfast), and we were delighted to be literally rated off their scale.
We are also delighted to have sent the Challenge Foundation “supporting kids with cancer” a cheque for $500 in appreciation of your time in completing the survey.
How NPS score works:
9 or 10 out of 10 = 1 point
7 or 8 out of 10 = 0 points
1 to 6 out of 10 = (-1) point
How We Scored:
50.6 % of respondents scored us 9 or 10 out of 10
39.5 % of respondents scored us 7 or 8 out of 10
9.9 % of respondents scored us 0 to 6 out of 10
Therefore, 90.1 % of respondent clients rated their insurance service experience with PSB as 7 or above out of 10.
Thank you. We are humbled by your words of support and amazing testimonials!
We are blown away by the incredibly positive responses and generous comments. Our business is built on referrals and doing the right thing by those who refer that business to us. We have your reputation in mind when we deal with your referral.
Finally, we would like to take this opportunity to thank you for allowing us to work with you to develop your risk management strategy, and look forward to our continued relationship. Referrals are important to our business. If you have a family member, work colleague or friend who would benefit from a PSB team insurance review, we would welcome an introduction.
PSB clients are in receipt of claims settlements of approximately $4,000,000 in 2016-17 financial year alone.
We are proud and delighted to have played our role in helping you to protect your family assets and contribute to your family’s future financial well being.
Thanks for trusting us with this important role.
Regards from the team at PSB,
Rob, Deb, Ben, Janine, Karl, Kayla, Nathan & Geoff.
“Excellent knowledge of the Insurance in the Aviation Industry”
“At CWF we regularly recommend PSB and we pass on the contact persons details to make it easy for them to follow-through. Why? Because PSB ticks all the boxes on the service that we need as a flying school – they know the Aviation business – they have great service and support and follow-up – competitive pricing – and find us the covers we need, without trying to upsize us to something we don’t need.”
“Excellent service. Friendly staff. Competitive pricing”
“I have fully insured 2 aircraft with PSB and experienced strong customer service, excellent claims management and just really pleasant people to talk with.”
“PSB Insurance Brokers look after everything insurance. Their knowledge and professionalism is second to none; the support is always there and nothing is too much trouble. We wouldn’t use anybody else.”
“PSB are skilled brokers who take the extra time to cater to the unique needs of our business. They are efficient, approachable, reliable and competitive. We have been clients for over 20 years, and never has PSB become complacent or taken our custom for granted.”
“PSB have provided a very supportive, efficient and friendly service to our NFP for 25 years, we have no hesitation in recommending them.”