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Partnership Rather Than Sole Trader

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rastas4
rastas4

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Partnership Rather Than Sole Trader
#1

I've been operating for over 2 years now, and my Son has been working with me when he can on his days off with his current job. He's 23 and has a good head on his shoulders.
Rather than put him on as an Employee, are there benifits in making him a Partner?
I really don't want to have to go down the Workers Comp, Superanuation etc etc Road, and thought this would be a better option and ultimately give him some ownership for the future as well?
Any opinions good or bad are welcome!
Posted 11 November 2017 - 05:57 PM

CGAHS
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Partnership Rather Than Sole Trader
#2

or use him as a subby perhaps?


Posted 11 November 2017 - 08:35 PM

rastas4
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Partnership Rather Than Sole Trader
#3

Was thinking the Subby thing with him getting an ABN etc, but if he's getting paid regularly from me and only me, he'll be looked at as an 'Employee' in the long term if the Tax Office gets involved I believe?
Posted 12 November 2017 - 05:04 AM

bakes
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Partnership Rather Than Sole Trader
#4

Not necessarily lots of subbies work for the same person for years.  


Posted 12 November 2017 - 06:59 AM

rastas4
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Partnership Rather Than Sole Trader
#5

Would he be covered by my Public Liability Insurance as a Contractor?


Posted 12 November 2017 - 07:52 AM

Smokey
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Partnership Rather Than Sole Trader
#6

At one stage i was looking at getting my uncle involved in the business. i was advised by my accountant to do a partership or family trust or somthing like that i cant remember it all now but i would have been better off rather than employing him
Posted 12 November 2017 - 01:13 PM

rastas4
rastas4

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Partnership Rather Than Sole Trader
#7

That's what I was looking at Smokey. I'm lead to believe there would be no need for Workers Comp cover or having to pay Superanuation etc going down the Partnership road. It's so much easier as a Sole Trader without having to worry about having an Employee as such. I understand a new ABN would be required, and I'm guessing my current insurer for Public Liability would need to be informed of the change from 'Sole Trader' to Partnership?
Posted 12 November 2017 - 03:49 PM

Smokey
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Partnership Rather Than Sole Trader
#8

Your spot on rastas bit of muckiing around but worth it in the long run
Posted 12 November 2017 - 03:56 PM

Macka
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Partnership Rather Than Sole Trader
#9

Im a one man operation and i have gone down the Workers Comp, Superanuation etc etc Road

 

 

insurance and super are important when needed


Posted 12 November 2017 - 10:12 PM




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