... may: * Protect owner from avoidable risks * Help minimise your taxation liability * Save time and minimise paperwork * Help to avoid government regulation and unnecessary "red tape". Business entities can be incorporated; privately and publicly owned co-operatives or unincorporated; sole traders and partnerships. Incorporated refers to the process companies go through in order to become a separate legal entity from the owner/s. This means the business exists in its own right, its own legal entity. Regardless of what happens to the individual owners (shareholders) of the company, the business continues to operate. The business has taken on a life of its own. An unincorporated business is a sole trader or partnership where the business entity and the owner are one and the same. When the owner dies then so too does the business entity. The Options: Sole Trader Teresa Green's business is a sole trader. A sole trader is an individual who runs the business without ...

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