How does a Business become a company when there is only me?

Question

I have a tip truck, excavator and water tank I have a ABN and all I need is how do you become a company and wants the difference between a business and a company.

Answer 1

I think your question is what's the difference between a sole proprietorship (what you currently are) and a Corporation (I think that's what you mean when you say company).  Basically, it's a tax thing, and until you make a minimum of 30-40 thou a year you don't need to worry about it.  Being Incorporated also means you need to get limited liability insurance which happens to be more expensive than it's worth if you aren't making that much.  If you still want to persue it you'll need a lawyer to do the pages and pages of paperwork.  However, you need more than just an ABN.  You also need a state and local business license, and in some states, a contractor's license and you may need to be bonded.  If you decide to hire ANYONE you'll need an EIN and Worker's Comp insurance as well as a state and federal tax account.