I had help with setting up the wrong entity as a private company and I didn’t understand and I have been trading as a sole trader where all my income and expenses have come out of my personal bank account. What should I do ?
Hi @Candycane,
You may be surprised but you can have multiple businesses even under different business structures. Even in the same industry. You would need to keep the records separate for the businesses, but there is no reason why you can't have both 😊
Was your intention to operate as a company? Some businesses when they start, are operated from personal savings or maybe a business loan. If you decide you want to operate under the company, if you have the records there shouldn't be an issue.
But if you want to operate as a sole trader, you will report/operate under your sole trader business and not the company. We have a great page for before you start a business you may find helpful.
Hi @Candycane,
You may be surprised but you can have multiple businesses even under different business structures. Even in the same industry. You would need to keep the records separate for the businesses, but there is no reason why you can't have both 😊
Was your intention to operate as a company? Some businesses when they start, are operated from personal savings or maybe a business loan. If you decide you want to operate under the company, if you have the records there shouldn't be an issue.
But if you want to operate as a sole trader, you will report/operate under your sole trader business and not the company. We have a great page for before you start a business you may find helpful.
15 Apr 2026 · 8 min read time
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