Change type of ownership? Hi, I operate a sole tradership in New South Wales, Australia.

Hi, I operate a sole tradership in New South Wales, Australia. I would close to to take on a partner and enjoy a 50/50 share. I was wondering what steps I stipulation to follow to do this? Can I simply sign and informal contract/agreement with the bright partner or do I need to lodge some style of change ownership type/details forms next to the ATO. Any advice much appreciated..

Answers:
When it comes to business you should other use formal contracts and agreements and they should be witnessed, notarized and registered . if problems occur subsequently the terms of the partnership will be enforceable and valid.. any informal agreements may be terribly difficult to apply in court. It is also to register the business as a partnership contained by which their are 2 people liable for adjectives debts and in the event of creditors collecting outstanding debts you are both responsible for pay-out and seizure of personal assets if required. You would be better to create your business a Limited Company which would keep adjectives your personal assets separate from the business and if your partner leaves and you are left holding the bills they can't touch your home etc to repay your business debts.