Most business owners start out as sole traders.
Signing up for an ABN and getting started in business is relatively simple and straight-forward.
However, one big mistake I see many sole traders make is not changing their business structure to a company once their business grows and becomes more successful. 📈
Staying as a sole trader means that the individual running the business is personally liable for any debts or obligations the business incurs.
This puts the sole trader's personal assets at risk if the business is sued or needs to pay off debt. 💰
As such, business owners need to reassess their business structure as their company grows and expands to protect themselves and their assets best.
#daviemach #soletrader #businessowners #business