0:00Before you import, you choose how your business is set up.
0:04Sole trader, partnership, or registered company.
0:08A sole trader is an individual doing business under their own name or a trade
0:14name.
0:15It is the fastest and cheapest to set up.
0:18But your personal assets are exposed if something goes badly wrong,
0:22such as a large customs penalty or a lawsuit from a customer.
0:27A limited company separates the business's debts from your personal finances,
0:33at the cost of more paperwork
0:35and, usually, more tax compliance.
0:39Banks,
0:39suppliers and customs authorities all take a registered company more seriously
0:44than an unregistered individual, especially once order values grow.
0:51So register a company from the start if you will import repeatedly,
0:55at meaningful volume, or with partners or investors.
1:00Converting later means re-doing many of your registrations.
1:05Registering early saves you from re-doing your registrations later.