For more info go to: Limited Liability Company Exp;lained: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-kKE_JKVfPA0.html Sole Trader Explained: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-XyLN-YB8G1E.html
Hi peter. Thank you for the awesome information. I am going to establish a company for inport/export and consulting as well. Which company type do you advise me to go for ? Hence I am only one person will manage the company.
There is no right or wrong answer. It depends mainly on your own situation and you will need to decide which is right for you. Talk to a good accountant and they will give you tax advice which will help you decide which is right for you. You could also watch: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Va64RXKjWVA.html
Hey there, I am going to buy a small coffee bar and the person is sole trade. I am registering myself as a sole trader as well. Can I ask do I have to go to counsil as well to get trading hours certificate as well from the council
That would depend on which Council you are in. It varies from area to area, so give them a call, tell them you are buying an exiting business and ask what the requirements are. Im curious as to why you would be a sole trader in this instance? Have you spoken to a tax advisor about which is best for you? I assume the revenue of the cafe will be over $60k per year so you will be registered for GST, so there maybe be further tax advantages to being an LLC. Check it out and take some advice before you start.
Either structure is fine to start. It would depend on how big you want to get. If your revenue exceeds the GST threshold, then the tax advantages may be worth an LLC structure. Do you have another income? Other tax requirements? If so, then structure is something you should discuss with whomever advises you on tax.
Yes, you can. But, why you would want to? Just make sure you keep individual records and bank accounts etc for both the LLC and the sole trader. Talk to your accountant regarding tax as there maybe disadvantages/advantages running the 2 entities.