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In sole trader ship the owner controls the whole business and do not shared the profits with anyone. the only legal requirement for this kind of business is getting Australian business number(ABN) and in some cases registration for material and service tax(GST).If the owner do not want to carry out the business on his owns name the person will only be required to record the name in valid (state or territory) business Act. The owner of the business is responsible for the company losses if the company face any difficulties the owner personal property will be sold to pay all the loans. There is also no legal process which allows another to come into the possessions...
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