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Should I change business from partnership to Sole Trader?

Newbie

Views 141

Replies 1

Hi Everyone, 

My husband and I run a small business together as a family partnership. Since business was very slow, my husband has now gone back to fulltime work and I run our little business from home.

Since he is fulltime with another employer, I am unsure if I should change back to sole trader structure? Is there any benefits to do this or just leave it as a partnership?

Appreciate any advice thanks Smiley Happy

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @Lee52,

 

We can't recommend how to organise your tax affairs. Ultimately, it's up to you. You may wish to speak to a business adviser to find the right choice for your circumstance.

 

The Australian Government Business website outlines some differences for each business structure, so it may be beneficial to have a read on their website.

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Lee52,

 

We can't recommend how to organise your tax affairs. Ultimately, it's up to you. You may wish to speak to a business adviser to find the right choice for your circumstance.

 

The Australian Government Business website outlines some differences for each business structure, so it may be beneficial to have a read on their website.