1. Types of business entities -
1.1 Types of entities available through which to conduct business -
The following entities are recognized as business structures to conduct business under Australian law:
Sole trader -
A sole trader is the simplest form available as a business structure where an individual trades under their own name or under a registered business name. It is easy to set up as there are few legal and tax formalities required. The business name is easily registered for a minimal fee. A sole trader does not need a separate Tax File Number (TFN) or business bank account, unlike a public or private company....
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