First Principles of Business Law
Business organisations in Australia

2. Sole traders

2.2. Questions to consider

 

 

 

Here is a list of all the questions dealt with in this section, using the facts of Edward's case as an example.  Click on each of the questions in the list for more information.

 1

 What does it mean to operate a business as a 'sole trader'?
 2

 What formalities must be followed to start up a business as a sole trader?
 3  What distinction is drawn in the law between a sole trader and the business operated by that person?
 4  How does a sole trader acquire the capital and equipment they need for their business?
 5  Who is liable for debts and other legal obligations incurred by a sole trader in the course of their business?
 6

 Can a sole trader employ people to work in the business for them?

 7

 Who is entitled to business profits made by a sole trader? How are these profits taxed?
 8  Can a sole trader apply for an Australian Business Number (ABN)?
 9

 Can a sole trader apply for a tax file number (TFN)?
10

 Must a sole trader register for GST purposes?
11  If a sole trader's business grows significantly, can it be transformed into a different business structure?

 

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