Whether you run a large enterprise or a small business in both scenario you need to understand the importance of complying with the law.
No matter what business you establish, the foremost thing that you need to pay attention to is regulatory compliance. If you are not abiding by the rules and regulations of the country then surely you are putting yourself into unauthorized activities. Most of the times such business who do not follow rules and laws of the state are charged with fine or in severe cases imprisonment.
Here is a list of some legal business essentials that your business should be following to keep the business legal. Remember that there might be some difference in the legal regulation of a small business and a large enterprise.
Register your business
First and foremost step is to register your business. Every business in Australia needs to register themselves before launching. In this process you will be required to register your domain name along with this you need to opt for a trademark to get exclusive rights for your business. Moreover, for a presence on the internet, your website name also needs to be registered. If you have any concerns relating the procedure of registration and other related queries then the Australian government is there to guide you.
Furthermore, you need to apply for a tax file number (TFN), the Goods and Services Tax (GST), Australian Business Number (ABN)and Pay as you go (PAYG) withholding.
Conducting fair business
Fair business practices are insured by the Fair Trading Laws formulated by the legal authorities. You need to abide by this regulation and ensure that you are being fair with your customers. You can study the Codes of Practice, Complying with the Competition and Consumer Act and Australian Consumer Law and your business.
Enter into legal contracts
During the course of business, you will be signing different contacts with partners. In this situation, you need to see if you are carefully reading the contract before you sign it.
Abide by the privacy contract
You are responsible for keeping the data or any personal information of your customers private. You need to learn how you will be handling the information provided by the customer. Thoroughly read out the Privacy Act to understand.
Proper dismissal of employees
Nothing can be done outside the circle of law, you need to follow the Fair Dismissal Code to ensure a proper procedure is followed.
Your workers are greatly protected by law. Either it is in terms of their rights, Payment, the procedure of hiring, health and safety, mental health or compensation insurance. Your employees are all covered by strict laws that you will be following.
You can always refer to a business guide if you need any kind of help in starting your business. In case you are planning to launch your online business then do look at the legal essentials that you need to fulfilling to ensure you are abiding by the law.