Starting your own business is exciting and probably a little daunting, but it also comes with more tedious aspects that have to be organised, like tax. While you’re probably eager to launch your service or product into the market, you’ll first have to take care of the admin to make sure your business adheres to legal requirements.
Starting your own business is exciting and probably a little daunting, but it also comes with more tedious aspects that have to be organised, like tax. While you’re probably eager to launch your service or product into the market, you’ll first have to take care of the admin to make sure your business adheres to legal requirements.
The first tax hurdle you’ll face is whether to operate as a sole proprietor or as a private company (PTY Ltd). The biggest deciding factors for many businesses are the long-term tax implications. You should choose a legal structure that will comply with SARS requirements, while also helping you maximise your income and minimise your tax burden and personal exposure to risk.
Sole proprietor
This story is from the November 2018 edition of Your Family.
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This story is from the November 2018 edition of Your Family.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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