If you have plans to start up a business, it is wise to consult with commercial lawyers first, because there are many things to consider and decide on. You can’t just go into business without first making sure it is done legally. One of the first things to decide is what type of business structure you will have for your business. Here are some of the main types: –
Sole Trader. This is perhaps the easiest type of business to set up and as the name suggests, and may be suitable for a small carpet cleaning operation like Brilliance Carpet Cleaning Perth or something similar with only one person involved. You won’t have a partner or a company structure as such, however you will need an Australian Business Number (ABN). You may also need a business name and a trademark, both registered. A sole trader has full control over every aspect of the business, owning all the profits and all the debts.