SOLE TRADER
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.
PROS
- 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
CONS
- 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
LEGAL
Liability limited by a scheme approved under Professional Standards Legislation.
Investngro Pty Ltd ABN 53 113 102 695 trading as Murray Nankivell Financial Planning, is an authorised representative of Count Financial Limited ABN 19 001 974 625 holder of Australian financial services licence number 227232 (“Count”). Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange. Any taxation and accounting services are provided by Murray Nankivell and are not within the authority Count. The information on this web site is not financial product advice and is provided for information only.