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Bookkeepers for small businesses in Sydney explain what a sole proprietorship is

What most people don’t know is that a sole proprietorship is the same thing as being a sole trader. Our bookkeepers for small businesses in Sydney will explain to you what a sole proprietorship is.

It is an unincorporated business with a single owner who pays personal income tax, which is derived from the profits made in the business. One of the greatest benefits from being in a sole proprietorship is that it is one of the simplest businesses to part in and set up as well. One of the downfalls from being a sole trader is that there is no legal barrier for your personal assets, which results in you not being safe from the business’ liabilities.

While there are both positive and negative to the situation, just like all businesses! Our small business bookkeepers in Sydney can help you set up and kick-start your sole proprietorship.

Feel free to contact our bookkeepers for small businesses in Sydney with any enquiries you might have!