Features of different company

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 ...