Starting a business is not all about the profit, implementing a business plan and serving your customers. If you want to be successful, you have to make sure that all your legal obligations are being fulfilled, too. As a business owner, you have a responsibility to the state. Running a business without meeting all the legal requirements in your area can give you a serious headache — it can bring down your business; it is also morally wrong.
Westwoods BGA shares some of the things that you need to carefully check before you start the operation of your business:
• Registrations, Permits, and Licences
You have to register your business (name, trademark, intellectual property) before you can operate as an entity. Depending on your location, know all the legal essentials for businesses, including the registration, permits and licensing requirements you need to apply for and complete.
Paying the right taxes is one of the most important things to remember when running a business. Government taxation regulations must be followed at all cost — it is your moral and legal responsibility as a business owner. You need to obtain the following: Tax File Number (TFN), Goods and Services Tax (GST), Fringe Benefits Tax (FBT), Pay As You Go (PAYG) withholding and installments and payroll tax.
• Comply with Consumer and Fair Trading Laws
You have legal obligations as a seller. Know the rights of your customers and competitors. Remember that unfair trading and sidestepping consumer’s rights are not only ethically questionable; they can also have serious legal consequences.
Businesses can be complicated and risky, but you will be doing yourself a huge favour if you operate based on what’s written in the law. If you want to protect your brand and business, keep track of these three things. Consult financial advisors and hire a certified accountant before you start your business. These professionals can help you understand everything you need to know about your legal obligations.
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