Are you already operating or considering starting a business as a sole proprietor? TaxAssist Advisors can help as we are a 'one-stop-shop' for accounting services, tax and advisory services for small businesses.
The main advantages of setting up as a sole proprietor are:
- Total control – You have total control over the business. Decisions can be made quickly and easily, from accounting and financial decisions to general business decisions.
- Easy to change to another operating identity. It is relatively easy to change your operating identity from that of a sole proprietor to a Limited Liability Company or corporation.
- Keep the profit – As the owner of the business, all the profit belongs to you.
- You experience less government control and taxation.
The reasons why sole proprietors are often successful are:
- They can offer a more personal approach – A smaller business can have closer contact with their customers and develop a close rapport in order to give a high level of service and customer care.
- They can be sensitive to the needs of their customers – Since you are closer to the customer that allows you to react more quickly to their needs than a larger business.
- They can cater to the needs of local people – Small local businesses will be closer to the community and can develop good business relationships with their understanding of the area and local knowledge.
The main disadvantages of being a sole proprietor are:
- You are personally liable and accountable for all your businesses debts – Should your business fail you could end up losing your personal assets such as your home, vehicle, etc.
- Can be difficult to finance the business – When you run a small unincorporated business, banks will not lend you large sums and you may find funding the business is very difficult unless you are prepared to change your ownership status.
- Can be difficult to enjoy economies of scale – Smaller business often find that they cannot buy supplies in bulk and do not enjoy the same purchasing power as larger businesses.
We are happy to discuss your individual requirements and undertake a proper risk assessment enabling you to decide the best way forward for your business. Contact us today for a free initial consultation.
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Running your own business can be challenging so why not let TaxAssist Advisors manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your advisor, then perhaps it’s time to make the switch?
We specialize in supporting independent businesses. Each TaxAssist Advisor runs their own business, and are passionate about supporting you.
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accounting firm. You can visit us at any of our locations, meet with us online through video call software, or talk to us by telephone.
Changing accounting firm is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.