Starting a small business is not only about market research, business plans, investors and such there are also various legalities that exist around most if not all types of businesses.
Here are five general legal requirements that a person should ensure their business works or is going to work within these parameters.
- Laws and regulations pertaining to the business type
ASIC will be able to let you know the laws are regulations pertaining to the type of business you wish to operate to ensure your business adheres to and operates within these parameters. Always keep informed of and work to the strict codes of business conducts and fair and ethical work practices to avoid heavy penalties and fines.
- Licenses, permits and special requirements
Check with ASIC what if any are the required licenses, permits or any special operating conditions/requirements that may be needed for the type of business you intend to operate>
Ensure these documents/permissions are obtained well within the given time frame to ensure the continued operation of your business.
- Registered business name
Business with an intended name it wishes to operate under that name should be registered.
This must be done with ASIC if you wish to operate a business or trade within Australia.
Check the exemptions to this rule at http://asic.gov.au/for-business/your-business/small-business/starting-a-small-business/small-business-registering-a-business-name/
- Taxes and financial documentation
Keep taxes up-to-date and filed in order for quick or readily available tax information if and or when called for.
It is good practice to check what financial records the business is required to keep, for how long and it makes good business sense to have an accountant even if it is just once or twice a year to ensure the company’s finances are in order.
- Any zoning restrictions on the business premises
Some businesses have special zoning requirements and or building code regulations. It is always a good idea to know these and have any premises you intend to use for your business looked over and inspected by the designated authority to do so. Keep all your documents filed and up-to-date and have regular inspections as usually zoning properties are potential hubs for spot checks to ensure the business is keeping up-to-these standards. This will ensure your business is not shut down for non-compliance