Sole Trader

Which business structure are you?

Business hand touching organization chartWhether or not you are just starting a new business or have been in business for a while, it is important to understand the business structure under which your business operates. In general there are four structures: company, sole trader, partnership and trusts. Each structure has its own set of “rules” which greatly affect how you should operate your business. To better understand the differences between each structure, I have created the following table which highlights the most important aspects of these structures.

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Chart of accounts FREE download!

The foundation of any good accounting system is the chart or list of accounts. A good accounts list will enable you to accurately account for income and expenditure and will assist accounting professionals to report on your financial health. It’s important to make sure that the chart is set up correctly before you begin to record your business data. So where do you start? Knowing what goes into an accounts list is half the battle. To make things a little easier, I am sharing with you, my standard accounts lists for sole traders, companies, trusts and partnerships. They are all free to download.

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