The key distinction lies in legal liability and tax treatment. A sole trader operates as an individual, meaning personal assets are at risk if the business incurs debt. In contrast, a company is a separate legal entity, providing limited liability protection to its owners. Tax-wise, sole traders are taxed at individual rates, while companies are subject to a flat corporate tax rate, which can provide advantages depending on the business's profitability. It might help reading this Business Structures in Australia - Endurego Blog
