Home – New Forums Money matters PTY TO SOLE TRADER

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  • #1232442
    fstradingandwholesale@gmail.com
    Participant
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    Hi Guys
    Unfortunately my business took a hit during the pandemic but opened up a sole trading business which by chance took off. I still want to retain the small customers in my PTY LTD business.

    Whats the best way to do this?

    Would just like it shifted to Sole trader to better manage everything. Any ideas would be great.

    #1232461
    Leetait
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    Hello, fstradingandwholesale

    Your Accountant is the only person that you should seek business re-structuring advice and services from.
    Of course I am assuming that you have an Accountant, so if you don’t then engaging one should be your first course of action.

    Regards
    Jason

    #1232463
    Paul – FS Concierge
    Keymaster
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    Hi and welcome to Flying Solo.

    The easiest way to solve your issue is to notify your existing customers of your new name and bank account details and invoice them from your new business.

    If you have to “wind up” your former entity, best to speak to an Accountant.

    #1232462
    Vanessa Emilio
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    Hi fstradingandwholesale

    Sorry to hear your business was hit by the pandemic. Hopefully now that Oz and the world is reopening, you have an opportunity to save all. Your note is not clear, apologies but why, if you are keeping the Pty Ltd would you not have all your business activities under the Pty Ltd company? You can have more than one business under a Pty Ltd company. You need to register the business names with ASIC but you can trade several businesses under one Pty Ltd company. In this manner, unlike a sole trader, your personal assets are protected. You may find this free How to Guide on our site helpful to understand the various options: https://legal123.com.au/how-to-guide/business-structure-australia/
    I hope this is helpful and provides some info for your structuring.
    best regards
    Vanessa

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