Choose your business entity
A sole proprietorship doesn’t need to be registered in the same way as a company or trust. The business is conducted in the name of the owner. This, however, means that creditors have access to the owner’s estate in the eventuality where liabilities can’t be repaid. The profits of a sole proprietorship will be taxed at the rates for individuals and in the hands of the owner. Where such a profit, together with any other taxable income of
