Home – New Forums Money matters What Entity Do I Choose and What Are The Implications?

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  • #996821
    Caauug
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    I am sort of a newbie. I had a failed PTY.LTD business in the past, not really failed I just did not do anything with it so I let it go. Time has changed and so has my business plan. Maybe not for the better as it has become complicated. I am a fitter working in the mines in W.A. employed by a mid sized miner and am not about to give that up. I bought a commercial light industrial property in Boulder that I would like to lease out. That most companies want to deal business to business and the mortgage is in my personal name that would put me as a sole trader for tax on interest for investment property. Sounds simple until I have also mining equipment that I also rent out and mining companies want to deal PTY. LTD. The property improvements done and the equipment going out on rent about the same time late last FY. There is clearly two business here with two different structures sole trader and PTY.LTD what one do I register first? Does it make a difference on what one first? and why?

    #1209134
    Peter – FS Administrator
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    Hi Caauug,

    Thanks for joining Flying Solo – great to have you here. It does sound a little bit complex, but nice to have options.

    Company structure is not my expertise so unfortunately I can’t be of help here, but some of our resident experts may have a view.

    To be honest, it’s probably something you’d want to sit down with an accountant and discuss so they can get all the detail and recommend a course of action. It’s worth getting right!

    Cheers, Peter

    #1209135
    Caauug
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    Thanks Peter,
    I was thinking I would have to go an accountant. I was fishing for information as I still have heaps of questions and options on expanding into different fields etc. I do not want to spread myself to thin too quickly and normal work has to fund it all with the least amount of paperwork. Working 7 on 7 off will give me some time to kick this off. I should have close to 3 yrs. work before the mine is finished.
    Thanks for accepting me, It’s a great site with heaps of information I have learned lots in the little time here. Keep up the good work.
    I will keep you posted how this pans out. I can not be the only one…..

    Thanks again,
    Caauug

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