Skip to content

Business Structures for Jewellery Store Owners

Are you looking to start your own, or expand your existing jewellery business? If so, you should now consider which business structure best suits your needs. Choosing a business structure can be a challenging and exciting process as each structure presents its own advantages and disadvantages. Before deciding which structure you will use for your jewellery business, it is important that you take the time to research each option, and know the legal consequences for you and your business. Below, we step you through two common business structures you may choose to run your jewellery store through – a sole trader and company.

Sole Trader Advantages

A sole trader is the simplest business structure available and is one person conducting a business in their name. Consequently, she or he has all control and responsibility for the business. It is the preferred business structure for small businesses whose owner wishes to maintain complete control over every aspect.

Sole Trader Disadvantages

Although running your business as a sole trader provides you with complete control over the business, you also assume all of the risks. What this means is that you will be personally liable for any debts the business incurs. Before setting up your jewellery business, it is first a good idea to better understand your personal finances by speaking with your accountant.

Continue reading this article below the form
Loading form

Company Advantages

You may decide that you want to limit your personal liability, and choose instead to operate your jewellery store through a company structure. A company is considered an separate legal entity, and as such, directors are not personally liable for any debts it incurs, except in limited circumstances.

Company Disadvantages

A company business structure can be costly to set up and to run, especially when compared to a sole trader. As a result, if you choose to operate your jewellery business in this way, statutory regulations will prevent you from directly accessing profits.

Conclusion

If you are looking to start your own, or expand your already existing jewellery business, you should take think about your business goals and what business structure will best help you achieve them. We have briefly gone through two available options, namely a sole trader and company. However, it is important that you have a thorough understanding of the options to make an informed decision. 

Questions? Get in touch with LegalVision’s Business Structuring experts on 1300 544 755.

Register for our free webinars

ACCC Merger Reforms: Key Takeaways for Executives and Legal Counsel

Online
Understand how the ACCC’s merger reforms impact your legal strategy. Register for our free webinar.
Register Now

Ask an Employment Lawyer: Contracts, Performance and Navigating Dismissals

Online
Ask an employment lawyer your contract, performance and dismissal questions in our free webinar. Register today.
Register Now

Stop Chasing Unpaid Invoices: Payment Terms That Actually Work

Online
Stop chasing late payments with stronger terms and protections. Register for our free webinar.
Register Now

Managing Psychosocial Risks: Employer and Legal Counsel Responsibilities

Online
Protect your business by managing workplace psychosocial risks. Register for our free webinar.
Register Now
See more webinars >
Adi Snir

Adi Snir

Read all articles by Adi

About LegalVision

LegalVision is an innovative commercial law firm that provides businesses with affordable, unlimited and ongoing legal assistance through our membership. We operate in Australia, the United Kingdom and New Zealand.

Learn more

We’re an award-winning law firm

  • Award

    2025 Future of Legal Services Innovation Finalist - Legal Innovation Awards

  • Award

    2025 Employer of Choice - Australasian Lawyer

  • Award

    2024 Law Company of the Year Finalist - The Lawyer Awards

  • Award

    2024 Law Firm of the Year Finalist - Modern Law Private Client Awards

  • Award

    2022 Law Firm of the Year - Australasian Law Awards