Small Business Start Up Finances Guide
Step 1 – Have You Got the Right Structure?
We aren’t going to mince words here.
Robert Kioyosaki of Rich Dad, Poor Dad fame says:
“Sole traders and partnerships are bad entities. Companies are good entities.”
The reason that most new businesses go with a sole trader or partnership structure is because its simpler and cheaper. Those reasons alone are very bad reasons for doing anything.
Even if you have already completed your ABN and Business name registrations, its not too late to change.
Check out our list of FAQ’s and Sole Trader v Company Decision Tool that will provide you with a specific estimate of the Benefits and Costs of going with a company versus a Sole trader.
(Note that similar issues apply to Partnerships.)