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Which Way to Go: Company or Sole Trader?

Whether you are already in business as a sole trader or setting up a business for the first time, it is important that you consider the best business structure for you so that you minimise your risk, which in many cases includes your family as the family home is usually used as security for small business. Most choose to operate as a sole trader, partnership, company or trust. There are pros and cons to each structure and most of us will tend to go with the 'cheapest option' when starting out. Clearly, operating as a sole trader is simple and inexpensive to set up and run. Sadly, this option may not ultimately be the best choice for you as it is probably the riskiest of all structures to operate under. This is something your accountant, legal advisor or small business coach can help you with. This said, understanding what they mean is quite another thing! Confused?


As a Sole Trader - Did You Know That Worker's Compensation Insurance Won't Cover You?

Safe Work Australia leads the development of national policy to improve work health and safety and workers' compensation arrangements across Australia. But did you know that in Australia there is no national legislation for Worker's Compensation and each State and Territory has its own laws? If you want to see what law applies to your State or Territory see the Safe Work Australia website. as this sets out all relevant legislation that applies to your business? You may need to take out multiple policies if you employ people in more than one state.


Thinking of Closing or Selling Your Business?

For a whole range of reasons you may be considering closing down your business or resigning from a partnership and this may be one of the most important decisions you make. There is no set way to know when is the right time to close or sell your business. Your reasons may include that you no longer wish to run the business, the business is not making sufficient money to survive, or that you would simply like to retire, etc. When going through this process it is also important to look at the ‘real reason’ behind your decision to sell or close your business as it needs to be the right long term decision for you. Equally important is what you will tell any potential buyer.


Thinking of Buying an Established Business?

This is one option you can consider if you want to start or grow your business. However, if you plan to buy an existing business it is very important that you analyse both the pros and cons of doing this as well as really digging into the detail of the business you are looking to buy. By doing this you can make sure that its history (which is effectively what you are buying) and that any future opportunities or sales are 'real'.

The biggest advantage of this option is that solid business history can increase the likelihood of a successful operation going forward, but this is not guaranteed. This option can also make finance more available as there is a 'track record' to base the loan upon. On the flip side, the key is not to pay too much for the goodwill by overestimating its value and not understanding any issues around poor public image or business reputation.


Is it Time to Review Your Business Operations?

July will come and go with a sigh given you have put the financial year end behind you, and yet it is a perfect time to reflect and review your financial year ahead! Here are three key tips to put you in the driving seat to improving your business performance for the 2014/2015 FY.