[LeelaCosgrove]

Go and talk to your accountant. If you don't have one, find one.

Seriously, it's not as straight forward as it all looks and there's all kinds of things you need to know that, unless you've done this before or you're an expert in the area, you just don't know.

Seriously, I traded as a sole trader for 3 years before I went and saw my accountant and he's like "Leela! We need to set you up a limited unit trust ..." and I'm like WTF are you talking about?! I understand pty ltd and stuff ... but what are you talking about??

He started to explain the differences but my eyes must have glazed over because he was all like ... look, don't worry about ... here's what I'm going to do ... and set it all up for me.

A good accountant is worth their weight in gold - and if you have a relationship with them, they'll probably do that initial discussion for free ... you should then ABSOLUTELY pay them to set it all up for you.

Yes, it will cost a couple of grand.

Yes, it's an expense.

But if you lose your house and car because you tried to set your business up and did it wrong ... well, two grand will seem like a drop in the ocean.

Hell, even if you choose the wrong structure, then need to redo it in a couple of months because it's all over the shop ... some things you should NOT try and do yourself ... just leave it to the pros ...