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Features of different company
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Small business is a major driver of economic growth in Australia. According to Department of State and Regional Development recent research has shown that NSW has 96% of small business operated and employed more than 1 million people. There are three major types of business in Australia: sole traders, partnership, and company. A sole trader is owned by one individual. The basic advantage is the owner has the authority to make all the decisions. Also, it is simplify form of business organization to start and maintain all profit belong to sole trader. Sole trader structure is not governed by law and regulations that can have more privacy on owner. When profits are generated or the threat of legal liability becomes a problem a business can adapt to one of two other businesses entitle. As well the business liabilities are personal liabilities and owner undertake the risk of the business for all assets owned, whether used in the business in the business or personally owned. On the other hand, sole traders are taxed like any other individual taxpayer. Sole traders must be aware that at the end of their first year of business they must pay not only their tax for the first year, may also provisional tax for the second year. Sole traders business is simple and inexpressive to set up, but owners will need an initial capital requirement to start the business. Such as office equipment, utilities or any furniture and fittings. When the owners probably have very little spare capital that is a healthy way of organising a business at start up. A partnership is the most popular legal form of small business that two or more persons join together in the operation and management of a business venture.
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