Small Biz Matters – a half hour program each week where you can work ON your business rather than IN it.
with Alexi Boyd from Boyd Office Management Services
Date: 6 February 2018

4 main business structures in Australia

  • Sole trader
  • Partnership
  • Company
  • Trust

Basic setup process for a sole trader

  • Apply for an ABN
  • What’s an ACN?
  • Register Business name – link to the ABN
  • Check business name isn’t registered with IP Australia
  • Open separate bank account with your existing bank
  • Some points to consider
    • Your revenue is considered personal income
    • You can employ but not yourself

What are the main differences between being a sole trader and a Pty Ltd company?

  • What’s an ACN?
  • Register Business name – this changes often to Pty Ltd
  • Open separate bank account – new accounts!
  • Fees with ASIC & accounting setup
  • Director’s liability

From Sole trader to a company – what is the process?

  • When to transition?
  • Register Business name – this changes often to Pty Ltd
  • Open separate bank account – new accounts!
  • Working with accountant to setup new company
  • New accounts for your finances
  • Great structure to grow and scale