The different types of businesses in Australia by Mitchell Jones https://padlet.com/jon0007/yoo1be5uuwfy Research wall en-us 2017-07-21 01:39:27 UTC 2026-01-03 05:40:13 UTC hello@padlet.com Sole Trader jon0007 https://padlet.com/jon0007/yoo1be5uuwfy/wish/179160236 Definition:
A sole trader business structure is a person trading as the individual legally responsible for all aspects of the business.

Advantages:
1. Its simple to set up and easy to operate.
2. Gives you full control of your assets and business decisions.

Disadvantages:
1. you cant split business profits or loses made with family.
2.Any losses incurred by your business activities may be offset against other income earned .

Tax obligations:
Allows you to use your individual Tax File Number (TFN) to lodge tax returns.
legal obligations:]]> 2017-07-21 01:57:03 UTC https://padlet.com/jon0007/yoo1be5uuwfy/wish/179160236 Company jon0007 https://padlet.com/jon0007/yoo1be5uuwfy/wish/179162306 Definition:
A company is a type of business structure.

Advantages:
1. is a separate legal entity
2.its a more complex business structure to start and run.

Disadvantages:
1. a company has limited liability compared to other structures.
2. involves a higher set up and running costs than other business structures.
Must be registered for goods and services tax (gst).

Tax obligations:
if the annual GST turnover is more than $75,000 or more, the registration threshold for non-profit organisations is $150,000.
Requires an annual company tax return to be lodged with the ATO.]]> 2017-07-21 02:30:47 UTC https://padlet.com/jon0007/yoo1be5uuwfy/wish/179162306 Partnership jon0007 https://padlet.com/jon0007/yoo1be5uuwfy/wish/179448825 Definition:
A Partnership is a business structure that involves a number of people who can carry on a business together.

Advantages:
1. its easy and cheap to set set up.
2. if you are carrying on and enterprise you can apply for an australian business number (ABN).

Disadvantages:
1. You must be registered for GST if your annual income turnover is $75,000 or more.
2. Requires a partnership tax return to be lodged with the Australian Taxation Office  each year.

]]> 2017-07-26 00:29:46 UTC https://padlet.com/jon0007/yoo1be5uuwfy/wish/179448825 Trust jon0007 https://padlet.com/jon0007/yoo1be5uuwfy/wish/179618222 A trust is an obligation imposed on a person to hold property or assets for the benefit of others.

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