What would the best business bracket to fall under going into business with a partner? Are you able to be a “sole trader” with two personals running the business? Thank you for the informative videos really well made!
You might want to look at a partnership, with you both being Sole Traders. Ensure that you have a good partnership agreement and take the time and spend the money to get something comprehensive. There are videos covering partnership agreements and partnerships in NZ on my channel, so have a look at those.
If I'm a sole trader and I register for GST expecting to surpass the threshold, but I don't sell anything, do I still have to pay taxes or any other fees?"
In simple terms, if you dont have any revenue, then you havent collected any GST, therefore there is no GST to pay. You can be in a situation where you have expenses, so have paid GST, but have no revenue, so you can ask for a GST refund. This is very general advice, so definitely talk to your accountant.
