Business.gov.au have released a new interactive checklist for business owners who are thinking of changing their business structure.
The checklist, which also caters to those who are trying to grow or downsize their business, focuses on changing from a sole trader to a company.
Business.gov.au states that the checklist specifically focuses on the differences between a sole trader and a company and the important parts of those differences that are commonly misunderstood, which include but are not limited to: taxes, liabilities, responsibilities, asset protection and ongoing costs. Business.gov.au emphasise the need for business owners to understand the differences as it helps them understand their obligations, avoid penalties and do everything right.
The checklist, when viewed online, provides links to important business topics for business owners as they progress through the list. The checklist can also be printed for record keeping purposes if the business owner wishes to do so.
The checklist and more information can be found here.
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