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Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner.
My business partner has been doing the wrong thing by the ATO. He is not declaring the correct information to the ATO and as a result is not paying the correct tax. I have sought multiple advice from different accountants and they have all said to me that our business is not compliant by the...
Hello,
I have recently purchased a domain name that is the name of a business (I don’t own the business). For the purposes of this question, let’s pretend the domain is AloraCigarettes.au. I am passionate about good health, so I would like to redirect AloraCigarettes.au to an anti-smoking...
Can business C that acts as a distributor for business A, withhold B's goods delivered to C by A but sold by A to B when B owes distributor C?
We are a wholesale manufacturer, Business A, who is in the process of setting up regional local distributors. We have our own truck and delivery...
BFA within marriage:
With regards to estimating the value of an existing business, do we use the accountant’s ‘share value’ figure that was used when shares were sold to shareholders, or do we use the ‘Sale on open market to be realised’ figure?
Hi! I was wondering how indemnity works in relation to an unincorporated association. What do you need to ensure to know that you are absolutely protected? What laws relate to indemnity requirements / elements? Especially pertaining to the roles of President, Secretary, and Treasurer.
My ex wife and I started a business together 6 years ago and We separated soon after. We have divorced and have had a property settlement 5 years ago. She was the sole director of the business however it uses my surname in the business title (a very unique uncommon name). She still owns and runs...
Hi all,
Hoping to get some help on a question I have about a term in my employment contract.
I have signed an employment contract which is due to start early next year, and one term states: "during your employment with the Company you must not, without first obtaining the Company’s prior...
We paid for a vacate clean and carpet clean for a 2 bed unit, indepth discussion for his 40 years of experience and capability as I was not able to view the final inspection, all his reviews checked out and were quite extensive, he had signed up with an online platform to advertise and I thought...
Hi, I have started a small business which sells customer's pets drawn as Disney inspired cartoons. The name of my store is Disnify. I have a disclaimer on my website that states that my business is not affiliated with Disney. I am wondering if I am breaking copyright laws? My business is Disney...
Hi
The director of an IT company who is an employee as well, wants to voluntarily forgo the salary (as an employee) for few months due to the business losses incurred (as there is no product sale made) during pandemic period. The business is incurring losses every month, he wants to keep paying...