The Different Types Of Business In Australia by Flynn ERIKSSON https://padlet.com/eri0004/d58gxcvdbkao en-us 2017-07-21 02:26:57 UTC 2017-07-28 02:02:15 UTC hello@padlet.com Sole Trader eri0004 https://padlet.com/eri0004/d58gxcvdbkao/wish/179162485 Definition: A sole trader is someone who owns a business and is legally responsible for all aspects of their business. This is the simplest and easy business structure for someone who is new to being a business owner.

Advantages: 
1.  relatively easy to set up and operate.
2. Allows you to use your own individual tax file number.

Disadvantages: 
1. You personally are responsible for all finances.
2. all of your personal assets are at risk if things go wrong.

Tax Obligations: You personally are responsible for all of your tax responsibilities. Also if you have any employee's, you as the business owner/manager are responsible for paying their super and your own super as well.

Legal Obligations: you are responsible for all of your finances including profits and losses neither of which are allowed to be split with other individuals or family members.
 ]]> 2017-07-21 02:33:55 UTC https://padlet.com/eri0004/d58gxcvdbkao/wish/179162485 Company eri0004 https://padlet.com/eri0004/d58gxcvdbkao/wish/179619213 Definition: A company is something that should be considered either when you are starting a business or growing your already developed business. A company has the same legal rights a normal human eg. can sue and be sued and can incur debt. Although with a company the owners are able to limit their liabilities a little more and are generally not liable for any company debts.]]> 2017-07-28 01:53:49 UTC https://padlet.com/eri0004/d58gxcvdbkao/wish/179619213 Partnership eri0004 https://padlet.com/eri0004/d58gxcvdbkao/wish/179619629 Definition: A partnership is fairly similar to the sole trader structure except that instead of there being only one person running the business the may be numerous. there are two types of partnership- general and limited. ]]> 2017-07-28 01:57:41 UTC https://padlet.com/eri0004/d58gxcvdbkao/wish/179619629 Trust eri0004 https://padlet.com/eri0004/d58gxcvdbkao/wish/179620028
Definition: A trust is an obligation imposed on a person - a trustee - to hold property or assets for the benefit of others, known as beneficiaries.]]> 2017-07-28 02:01:44 UTC https://padlet.com/eri0004/d58gxcvdbkao/wish/179620028