Starting your own business is an exciting venture and one that will come with many challenges. If you approach these challenges with the right frame of mind and an understanding of how to navigate them, you will be rewarded in the long run. It is also important to understand the legal obligations of a business that will ensure smooth operations and longevity. In this article, McNab McNab & Starke discuss key areas such as business registration, contracts, compliance, and ways you can go about protecting your business.
Choice of Business Structure and Employee Responsibilities
There are three main business structures you can choose from when starting a business, each of which has different legal requirements for a business and legal implications. The first of which is a sole trader, where you have total legal and administrative control over your business yourself. Secondly, is a business partnership. Partnerships involve having contractual agreements related to financial requirements and business administrative control. Lastly, is a company. In a company, you may have multiple directors or even a board, where each director has a say in how the business is run.
There are several employment responsibilities to consider when starting a business, including providing employment contracts, ensuring safe working environments, and complying with employment law.
Intellectual Property and Other Legal Protections
There are many legal obligations of a business. One of the most important of which is protecting intellectual property. This can be done by implementing patents, trademarks and copyrights, to ensure your business ideas cannot be taken or copied by other companies or businesses. Furthermore, non-disclosure agreements (NDAs) may prove necessary to prevent your employees from sharing potentially sensitive information with people outside of the business.
Partnership and Shareholders Agreements
Another one of the most important legal requirements for businesses is setting up partnership and shareholder agreements and contracts. These ensure that all decision-making, dispute resolution, and roles and responsibilities within the business are clearly spelled out.
Registration and Licenses
When setting up a business you must be properly registered in order to operate legally. This means setting up an Australian Business Number (ABN), a Tax File Number (TFN) and registering for Goods and Services Tax (GST). For the best business lawyer consultation on how to set these up, McNab McNab & Starke can help.
Taxation and Financial Obligations
Further financial requirements for businesses include setting up superannuation payments for your employees and pay-as-you-go (PAYG), which is a tax-related payment for your business.
Compliance with Laws and Regulations
One of the most important aspects of owning and running a business in Australia is adhering to work health and safety regulations, environmental laws and anti-discrimination laws.
For the best business lawyer consultation when starting your own business in Victoria, contact our expert team online today.