03 Legal & Risk Management Agreements & Policies

Sole trader, business partnership, company structure

Managing Legalities and Risk in Your Business

MANY LAWS GOVERN the running of small businesses. Nobody wants to pay more tax than they have to, and aspects such as the type of legal structure you choose for your business will have a direct bearing on this.

Structuring your Business

What kind of legal structure do you want to use? Will you be a company, partnership, trust or sole trader, for instance? Each comes with different legal ramifications and consequences.

Certain businesses are better suited to particular structures. The structure of a business affects a host of factors, such as your ability to borrow money — even the amount of tax you pay. Of course, each structure then has its own legal issues you need to comply with.

Knowing the legal aspects of setting up small business also ensures your business is protected. You’ll need to comply with workplace health and safety regulations and other duty of care; consumer regulations; taxation and insurance requirements; contractual obligations and the like. There may also be certain industry codes of practice you need to adhere to.

Compliance is a Measure of Success in Business and we’ll help you to:

  • Choose the right business structure and save tax
  • Set up a Pty Ltd business if you want to
  • Register your business name
  • Obtain an ABN and GST registration, if appropriate
  • Select the most appropriate software for financial records and other legal documents.
  • Implement a systematic approach to identifying, managing and meeting legal requirements

 

We would like to introduce you to our comprehensive Business StartUp Online Training Course by way of a series of FREE videos: take a look now.

What You’ll Learn in this Module of the Course

To recap, this module of the course teaches you:

  • How to put all your legal requirements in place prior to start-up
  • How to choose the right structure for your business
    • whether it be sole trader
    • partnership or company
    • listing as a public company
  • The benefits and disadvantages of each structure so that you can start your business under the ‘right’ umbrella
  • Business names and ABNs and the validity of registering for GST
  • Supplementary legal requirements for businesses in certain fields. E.g. hospitality, travel, real estate etc.

 

What’s Up Next?

Subject 4: Intellectual Property and General Law

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If you like what you see, bite the bullet and Enrol Now!

 

learn study online training cheap accounting software xero myob quickbooks sageBetter still, save yourself serious money by opting for our Complete Business Cloud Package, which includes:

  • The entire contents of this course — the Business StartUp Online Training Course
  • Our Business Partnerships Online Training Course and Template
  • Sessions with your own dedicated Course Completion Coach
  • The ENTIRE SUITE of Xero online training courses
  • Our digital and social media marketing package AND Google online training course
  • Maggie Richardson’s easy to read and enlightening book, Starting a Business in Australia.

 

Read the full details for the Complete Business Cloud Packageworking-anywhere-anytime

 

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  • New course content for each of our online courses (Accounting, Marketing, Sales, Operations, Support)
  • Free training videos and content that we release — and there's lots of them!
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