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What is a Sole Trader – Leigh Barker MWC Group

A sole trader business model is most popular with tradesman and specialist service providers prior to commencing business as a sole trader

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What is a Sole Trader – Leigh Barker MWC Group

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  1. Leigh Barker MWC Group What is a Sole Trader

  2. an individual operates a business as the sole person Where an individual operates a business as the sole person they are generally referred to as a sole trader. Becoming a sole trader is the simple and relatively inexpensive. A sole trader has full control of all assets, makes all business decisions, is a low cost structure and has fewer reporting requirements

  3. Characteristics of Sole Trader • Unless a business name is required, set up costs are negligible • Administration is generally limited to bookkeeping and accounting • A sole trader retains all the profits of their business • A sole traders financial information is kept private • A sole trader is legally responsible for all aspects of the business • A sole trader is personally liable with unlimited liability

  4. Most popular with tradesman and specialist service providers A sole trader business model is most popular with tradesman and specialist service providers prior to commencing business as a sole trader • determine if any form of authorisation or registrations are required from regulators or local authorities • consider managing the business separately by operating from a separate bank account • ascertain if business insurances are required or desirable • find suitable premises to operate from within

  5. easy to change As a sole trader business grows it is relatively easy to change this form of business structure or to close a business operating as a sole trader. Prior to deciding on a business structure seek professional advice from an accountant, solicitor or business advisor to ensure that the structure selected meets your personal circumstances and business objectives.

  6. Leigh Barker MWC Group Please note: Prepared by Leigh Barker MWC Group, Accountant, Portfolio Finance, Gordon, West Pennant Hills and Tangible Assets,. Note that all content of this blog is general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstance.

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