Checklist to help you change your business structure
Need advice to help you change your Business Structure?
Whether 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…
- Check out the Checklist – Key differences between sole traders and companies to keep track of your learning.
- Visit our Sole trader to a company information for resources to help you understand the differences between each business structure.
- Read our Changing business structures section for common reasons that businesses change structures, and what to consider before you change.
- Head to ASIC’s guide for small business directors for detailed information about your legal obligations guide as a small business director.
Source: Business.gov.au click here for original article
