I am planning to start an online business selling products to customers. I have decided to operate as a "Sole Trader" for the start.
In the business.gov.au website, I went through the "Key Aspects of being a Sole Trader" and came across this sentence: Has unlimited liability - all your personal assets are at risk if things go wrong. Your assets can be seized to recover a debt.
My question is: What is the definition of "personal assets" because my concern is will it affect joint bank account with my partner (as in recovering debt from our joint bank account)? If yes, how will it affect and what I can I do to prevent the joint assets (bank accounts, house, bonds) from being affected?
Thanks in advance.
In the business.gov.au website, I went through the "Key Aspects of being a Sole Trader" and came across this sentence: Has unlimited liability - all your personal assets are at risk if things go wrong. Your assets can be seized to recover a debt.
My question is: What is the definition of "personal assets" because my concern is will it affect joint bank account with my partner (as in recovering debt from our joint bank account)? If yes, how will it affect and what I can I do to prevent the joint assets (bank accounts, house, bonds) from being affected?
Thanks in advance.