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Checklist to help you change your business structure

Need advice to help you change your Business Structure?

changing business structure, sole trader to company, SDP Solutions is a contractor management companyWhether you’re growing your business, just want to downsize, or if you’re thinking of changing your business structure.  It’s important to understand the differences between each type before you make the change.

Changing from a sole trader to a company checklist

Business.gov.au have a new, interactive checklist will step you through the key differences between a sole trader and a company. It covers key points that people commonly misunderstand, including your business:

  • taxes
  • liabilities
  • responsibilities
  • asset protection
  • ongoing costs

How do I use the checklist?

You can use the checklist to keep track of your understanding of changing from a sole trader to company.

As you read each section and become familiar with your responsibilities, you can click each box to ‘tick’ off the sections you’ve read, making it easy to keep track of your learning.

Who should use this checklist?

The checklist is most helpful if you’re thinking about changing from a sole trader to a company business structure, but you can also use it if you’re a company director looking to refresh your knowledge.

You can also print out the checklist and take it with you.

Why do I need to know the differences?

Understanding the key differences between sole trader and company business structures will help you:

  • understand your obligations
  • get things right from the start
  • avoid potential penalties.

What to do…

 

Source: Business.gov.au click here for original article

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