I wanted to start a small import business, it is still in its idea stages and will probably be a 1 man show . So I wanted to find out from the people here in terms of which is a better option now that CC is no longer available to be registered?
I am more towards the sole proprietor route because then I don't need to appoint a CA to sign on a certificate so that I can register a company and I won't need them to audit my books every year (this is probably gonna charge quite a bit), and since it is a one man show, i don't see why a company is necessary for now beside the fact that a company make it sound more professional. Or is there any other benefits in trading as a company which I am not aware of? Please enlighten me if this is the case.
The main disadvantages I see for trading as a sole proprietor is that they can sue me for my personal assets if something goes wrong, but usually what are the risks related to this? I mean since I will have to pay for my suppliers and clearing agents to get the stocks, those are the only debtors that can sue me, and I can't exactly get my stocks if I don't pay them. Or are there other instances where one can get sued as a wholesaler / retailer?
I would really appreciate it if someone can advice me as to whether sole proprietor or company is the way to go!
And if you have some tips as an importer, please feel free to share them with me! I am always open to knowledge!