As a sole trader, you are the sole owner and have all of the control. The business can trade under your name or a registered business name. You will need to register your business name, and get an ABN. The income you earn from the business is treated as your own, so you will pay tax at the same rate as individual tax payers.
- It's easy and is lower cost to set up
- As the owner, you have 100% control and keep all of the profit
- There's less compliance and legal requirements
- As the owner, you have unlimited personal liability
- The business has no back-up if you fall ill
- It can be more difficult to raise finance
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