Converting a CC to a sole proprietor

[bantersaurus]

Hi All,

I have had a CC registered and running for 2 years. After many different people telling me different things, I am still at a loss as what is the best option for my CC for tax implications etc.

After alot of research and meetings, I have noticed that the costs of keeping a CC's taxes up to date is very pricey in comparison to what the CC actually earns at the moment. (less than 10K profits per year so far, but growing bigger each year) So I have decided to change to a Sole Proprietor.

What do I have to do to do this?

I presume I must de-register with CIPRO?
Is there anywhere I need to register as a Sole Proprietor?
I need to open a bank account as a Sole Proprietor?
As I do my own personal tax, Can I do my own TAX filing's etc for the Sole Proprietor and not have to pay someone a fortune to do it?
Will I need to complete my CC's 2010 tax year and annual return and then do the sole Proprietor tax for 2011? or could I change to Sole proprietor now and do the 2010 tax as a S.P?
Do you have submit Annual Financial Statements as a S.P?

Any and all advice is appreciated as I am new to this and just want the best and cheapest option

Thanking you in advance

B