A sole trader is the simplest business structure in Australia, where you operate the business as an individual and are legally responsible for all aspects of the business.
✅ Simple and inexpensive to establish
✅ Complete control over business decisions
✅ Minimal regulatory obligations
✅ Easy to change business structure later
✅ All profits belong to you
✅ Simple tax arrangements
❌ Unlimited personal liability for business debts
❌ Business income taxed at personal income rates
❌ Limited access to capital for growth
❌ Business ceases to exist if you die
❌ Difficult to sell the business as an entity
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