Establishing A Business Entity In Australia

International Lawyers Network
Contact

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. An individual operating as a sole trader has full control over all assets and business decisions and can hire employees as required. Business losses can be written off to other personal income. However, a sole trader is personally responsible for the entire business including any debts incurred. Because of this unlimited liability the sole trader’s personal assets can be seized to recover a debt. Hence, this structure is only suitable for micro to very small businesses.

Please see full Chapter below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

International Lawyers Network
Contact
more
less

International Lawyers Network on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.