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James Millar
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downhaul, post: 210944 wrote:
Thank you James, that is very useful information.

I can’t imagine not withdrawing money out of the business immediately.

My customers so far haven’t shown any concern as to whether it’s an incorporated business or not.

So apart from some protection of my personal assets, I can’t see that much is gained for the $2-3k a year. I might just review my professional indemnity insurance to make sure it’s up to the job.

I tend to agree with that course of action. A lot of people jump into entities, either pushed by accountants or simple ignorance of the applicable law. We can all thank online incorporation platforms for that (a blessing and a curse).

Anyway kudos for not hammering ahead before seeking guidance. You have saved yourself some money today :)

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