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Australian Business Structure - Sole Trader

In Australia choosing the right business structure is important. Remember always seek independent advice, everyone's circumstances are different and its important that the right structure is chosen for you. What is a Sole Trader Operating as a sole trader is operating under your own name by yourself. A sole trader can still register a business name and use this name to trade ie on letter head and advertising. As a sole trader I will need to register an ABN and can open a separate bank account for trading (always recommended). Advantages of a sole trader. Simple to register, no structure, ASIC, deeds making it a cheap and easy setup option. Also easy to close down. Cheap ongoing administration costs, ie no requirement for a separate tax return, the business and expenses are included in your personal tax return. Disadvantages of a sole trader As the business is in your name, you are personally liable for any debts of the business such that if you own house and cannot pay the business debts creditors can access your personal asset ie your house to receive payment. Profits are taxed at your personal rate of tax and there is no ability to distribute profits amounts the family group.